Partner Communications Company Ltd. (NASDAQ:PTNR)(TASE:PTNR), an Israeli communications operator, has executed early repayments of four loans (loans C, D, E and F) to commercial banks in a principal amount of NIS 500 million, the company said.
In connection with the Early Repayments, the company will record a one-time expense of NIS 21 million in Q2 2017 results.
The Early Repayments will enable accumulated savings of approximately NIS 38 million of interest costs.
In addition to the Early Repayments, the company is planning on early repayments of additional loans over the next coming months in an amount of approximately NIS 380 million. This is in addition to repayments of approximately NIS 490 million of notes and loans scheduled in 2017 as part of the company´s payment schedule.
Partner Communications Company Ltd. is a telecommunications company engaged in the business of cellular telephony, provided on its second generation (2G), third generation (3G) and fourth generation (4G) networks. It operates through two segments: cellular segment and fixed-line segment. Its products and services are marketed under the Partner brand. The Company´s cellular business segment includes basic cellular telephony services, text messaging, data, airtime, interconnect, roaming, content services and other value added services. The fixed-line segment includes a range of services provided over fixed-line networks, including Internet service provider (ISP) services, business information storage in a data center and cloud services. The Company also provides wireless fidelity (Wi-Fi) networks and fixed-line voice communication services. In addition, the fixed-line segment includes sales of related equipment. It also offers anti-virus and anti-spam filtering.