Netanya,
Israel – September
11,
2007 –
Cellcom
Israel Ltd. (NYSE: CEL)
announced that further to its announcement on September 7, 2007 of
its
preparations for a possible public offering of debentures to be conducted
in
Israel alone, the proceeds of which would be used for general corporate
purposes, including debt repayment, the Company’s board of directors has
approved today the filing of a confidential draft of a prospectus.
The aggregate
principal amount of debentures that would be offered is expected
to range
between NIS 500 million and NIS 1.0 billion. The final amount will
be decided by
the board if and when the board gives final approval of offering.
The draft
prospectus was filed today by the Company with the Israeli Securities
Authority
and the Tel Aviv Stock Exchange.
At
this
stage, no final decision has been made as to the execution of such
possible
public offering, nor as to its terms, scope and timing, if executed,
other than
as stated above and there is no certainty that such offering will
be
executed.
The
offering described in this press release, if made, will be made in
Israel to
residents of Israel only. The said debentures, if issued, will be
listed on the
Tel Aviv Stock Exchange, will not be registered under the U.S.
Securities Act of 1933 and will not be offered or sold in the United
States.
This press release shall not constitute an offer to sell or the solicitation
of
an offer to buy any debentures.
About
Cellcom Israel
Cellcom
Israel Ltd., established in 1994, is the leading Israeli cellular
provider;
Cellcom Israel provides its 2,960 million subscribers (as at June
2007) with a
broad range of value added services including cellular and landline
telephony,
roaming services for tourists in Israel and for its subscribers abroad
and
additional services in the areas of music, video, mobile office etc.,
based on
Cellcom Israel's technologically advanced infrastructure. The Company
operates
an HSDPA 3.5 Generation network enabling the fastest high speed content
transmission available in the world, in addition to GSM/GPRS/EDGE
and TDMA
networks. Cellcom Israel offers Israel's broadest and largest customer
service
infrastructure including telephone customer service centers, retail
stores, and
service and sale centers, distributed nationwide. Through its broad
customer
service network Cellcom Israel offers its customers technical support,
account
information, direct to the door parcel services, internet and fax
services,
dedicated centers for the hearing impaired, etc. In April 2006 Cellcom
Israel,
through Cellcom Fixed Line Communications L.P., a limited partnership
wholly-owned by Cellcom Israel, became the first cellular operator
to be granted
a special general license for the provision of landline telephone
communication
services in Israel, in addition to data communication services. Cellcom
Israel's
shares are traded both on the New York Stock Exchange (CEL) and the
Tel Aviv
Stock Exchange (CEL).
For
additional information please visit the Company's website
http://investors.ircellcom.co.il