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RAMAT GAN, Israel, Nov 06, 2013 (BUSINESS WIRE) -- Internet Gold-Golden Lines Ltd. IGLD +6.74% announces that its subsidiary, B Communications ("B Communications") today announced that it has finalized a new agreement with the Israeli bank consortium led by Bank Hapoalim, thereby modifying the financing agreement that it utilized to help finance its purchase of the controlling interest in Bezeq - The Israel Telecommunications Corp., Ltd. ("Bezeq") in 2010.
The modifications are expected to immediately improve B Communications' financial position by gradually decreasing the amount of its repayments due through the end of 2016 and increasing the reserves available to it for distribution and other uses. The modification includes the following elements:
-- Permits early repayment of NIS 400 million of the bank debt;
-- Decreases B Communications' mandatory bank debt repayments by approximately NIS 150 million per year from approximately NIS 480 million per year to approximately NIS 330 million per year;
-- Permits B Communications (SP2) Ltd. ("SP2"), B Communications' wholly-owned subsidiary that holds its Bezeq shares, to pay B Communications a dividend totaling approximately NIS 250 million by November 10, 2013; and
-- Revises existing covenants to allow B Communications to cause SP2 to distribute most of the reserves that it accumulates to B Communications.
Commenting on the news, Mr. Doron Turgeman, B Communications' CEO, said, "We are very pleased with this agreement and believe it represents the next step in our business development. For the past three years, we have met all of our business objectives while continuously decreasing our net financial debt - from NIS 5.3 billion in April 2010 to just NIS 2.7 billion today. This modification to our financing agreement creates a much more convenient repayment schedule that will enhance our liquidity and financial flexibility. We believe this will bring a significant improvement to our financial position and future cash flow."
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