AI assistant
B Communication — Capital/Financing Update 2011
Dec 10, 2011
6676_rns_2011-12-10_ef9852e2-a2f6-43ca-a8bd-ae3fcb179644.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2011
B COMMUNICATIONS LTD.
(Name of Registrant)
2 Dov Friedman Street, Ramat Gan 52503, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- __________
This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statement File No. 333-150173.
B COMMUNICATIONS LTD.
The following exhibits are attached:
99.1 B Communications Ltd. announces that Midroog confirmed the A2 stable rating for its series A and B debentures.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
B COMMUNICATIONS LTD.
(Registrant)
By /s/Doron Turgeman Doron Turgeman Chief Executive Officer
Date: December 9, 2011
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION 99.1 B Communications Ltd. announces that Midroog confirmed the A2 stable rating for its series A and B debentures.
EXHIBIT 99.1
Midroog Confirms the A2 Stable Rating for the Series A and B Debentures of B Communications Ltd.
Petah Tikva, Israel – December 9, 2011 – B Communications Ltd. (NASDAQ Global Select Market and TASE: BCOM) (“BCOM” or the “Company”) announced that Midroog Ltd., an Israeli rating company affiliated with Moody’s, has confirmed the Company’s A2 stable rating for its series A and B debentures.
In confirming the A2 stable rating, Midroog cited the following factors: the Company’s holding of the controlling interest in Bezeq, which has a strong financial position; the high certainty of the cash flow from Bezeq; the reasonable degree of leverage, which is expected to further moderate; and the relatively achievable repayment schedule until 2017.
In addition, Midroog examined the creditor’s priorities in the cash flow and in the collateral, the debt coverage ratios, which are relatively low, and the Company’s financial flexibility. Those, according to Midroog, are the main reasons for the difference between the rating level of the Company and the rating of Bezeq, its underlying asset.
The confirmation of the ratings reflect, according to Midroog, the Company’s high liquidity, due to its high cash balances and securities portfolio with a low risk level, which may be used, in part, as a safety cushion for the Company’s debt.
About B Communications Ltd.
B Communications is a telecommunications-oriented holding company and its primary holding is its controlling interest in Bezeq, The Israel Telecommunication Corp., Israel’s largest telecommunications provider (TASE: BZEQ). B Communications shares are traded on NASDAQ and the TASE under the symbol BCOM. For more information please visit the following Internet sites:
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in the regulatory and legal compliance environments, the failure to manage growth and other risks detailed from time to time in B Communications' filings with the Securities Exchange Commission. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.
For further information, please contact:
Idit Cohen – IR Manager
[email protected] / Tel: +972-3-924-0000
Mor Dagan - Investor Relations
[email protected] / Tel: +972-3-516-7620