B Communications completes NIS148m par value of series b debentures

B Communications Ltd. (NASDAQ and TASE: BCOM) has completed the private placement of NIS148 million par value of its Series B Debentures to Israeli institutional investors for an aggregate consideration of approximately NIS162 million (approximately USD42 million), the company said.

The company received the approval of Midroog Ltd., an Israeli rating company affiliated with Moody´s, that the issuances will not cause a reduction in the Series B Debentures´ Aa3.il rating; and also received the Tel Aviv Stock Exchange approval for the listing of the additional debentures for trade.

The private placement was carried out as an increase to the outstanding Series B Debentures of B Communications, which were first issued in September 2010 and have identical terms. The net proceeds of the private placement will increase the company´s unrestricted cash.