Top-News
Donnerstag,
04.08.2016 13:00
von
PR Newswire
| Aufrufe: 64
B Communications Reports Financial Results for the Second Quarter of 2016
Zeitungsständer (Symbolbild).
© Global_Pics / iStock Unreleased / Getty Images
PR Newswire
RAMAT GAN, Israel, Aug. 4, 2016
RAMAT GAN, Israel, Aug. 4, 2016 /PRNewswire/ -- B Communications Ltd. (NASDAQ Global Select Market and TASE: BCOM), a holding company with a controlling interest in Israel's largest telecommunications provider, Bezeq, The Israel Telecommunication Corp. (TASE: BEZQ), today reported its financial results for the second quarter of 2016.
"During the first half of 2016, we continued to execute our business plan by paying an 11% dividend to our shareholders while continuing to reduce our LTV[1] ratio to 35%. We intend to continue to improve our debt structure in order to create more value for our shareholders in the quarters ahead," said Doron Turgeman, CEO of B Communications.
Dividend Distribution: On May 25, 2016, the Company's Board of Directors declared a cash dividend of NIS 355 million ($92 million), or NIS 11.88 ($3.09) per share. The dividend was paid to the Company's shareholders on June 29, 2016.
Tender Offer: On May 26, 2016, the Company announced that its wholly-owned subsidiary, B Communications (SP4) LP, had invited holders of the Company's 7⅜% Senior Secured Notes due 2021 (the "Notes") to submit tenders to purchase their Notes for cash within a purchase price range of $1.00 to $1.07 per $1.00 nominal amount of Notes. On June 27, the tender offer expired and the clearing price for the tender offer was $1.07 per $1.00 par value of the Notes. The aggregate par value of the Notes tendered and purchased by B Communications (SP4) LP was approximately $18.6 million.
Dividend from Bezeq: On May 30, 2016, Bezeq distributed NIS 776 Million ($202 million) to shareholders of record as of May 17, 2016. B Communications' share of the dividend distribution was NIS 204 million ($53 million).
On August 3, 2016, the Board of Directors of Bezeq resolved to recommend to the general meeting of its shareholders the distribution of a cash dividend of NIS 665 million ($173 million), representing Bezeq's profits for the first half of 2016. The dividend will be paid on October 6, 2016 to shareholders of record as of September 20, 2016. B Communications' share of the dividend distribution is anticipated to be NIS 175 million ($46 million).
Notes Repurchase Program: On August 10, 2014 the Company announced that its Board of Directors had approved the buyback of up to $50 million of its Notes. On January 20, 2016, the Company announced the completion of the $50 million repurchase program and the approval by its Board of Directors to extend and increase the program by an additional $50 million. Through August 4, 2016, the Company purchased a total of $83 million par value of the Notes (including the Notes that were tendered in connection with the Company's tender offer that expired in June 2016).
Cash and Debt Position: As of June 30, 2016, B Communications' unconsolidated liquidity balances (comprised of cash and cash equivalents and short term investments) totaled NIS 1.35 billion ($351 million) and its financial liabilities totaled NIS 3.27 billion ($849 million) including NIS 2.5 billion ($650 million) of the Notes, NIS 696 million ($181 million) of Series B Debentures (both include accrued interest and unamortized premiums, discounts and debt issuance costs), and a NIS 71 million ($18 million) tax liability.
| B Communications' Unconsolidated Balance Sheet Data | ||||
| | ||||
| (In millions) | | Convenience | | |
| | | translation into | | |
| | | U.S. dollars | | |
| | | (Note A) | | |
| | June 30, | June 30, | June 30, | December 31, |
| | 2016 | 2016 | 2015 | 2015 |
| | NIS | US$ | NIS | NIS |
| Financial liabilities | | | | |
| 7⅜% Senior Secured Notes (1) | 2,500 | 650 | 2,770 | 2,718 |
| Series B Debentures | 696 | 181 | 710 | 710 |
| Tax liability | 71 | 18 | 117 | 79 |
| Total debt | 3,267 | 849 | 3,597 | 3,507 |
| | | | | |
| Liquidity balances | | | | |
| Lockbox account(2) | 1,096 | 285 | 456 | 532 |
| Unrestricted cash(3) | 252 | 66 | 510 | 421 |
| Total liquidity | 1,348 | 351 | 966 | 953 |
| | | | | |
| Net debt | 1,919 | 498 | 2,631 | 2,554 |
| | ||||
| (1) The NIS amount equivalent to $717 million par value of the Notes which were hedged on the date the Notes were issued plus accrued interest and unamortized debt issuance costs. | ||||
| (2) Lockbox account - one or more accounts designated as a lockbox account and maintained by B Communications (SP-2) Ltd. (or any of its successors) and pledged as collateral to the security agent for the benefit of the holders of the Notes. Amounts from prior periods are shown as comparative data and reflect amounts that were maintained by B Communications (SP-2) Ltd. but not in a lockbox account. | ||||
| (3) Unrestricted cash - any funds, property or assets (including any property or assets acquired with or earned on such unrestricted cash) not expressly required by the terms of the Indenture for the secured Notes to be deposited in or allocated to the lockbox account and any other funds with respect to which the Indenture expressly provides constitute unrestricted cash, including proceeds from indebtedness permitted to be incurred under the Indenture which are not otherwise expressly required by the terms of the Indenture to be deposited in or allocated to the lockbox account; provided that no specified shares or collateral shall constitute unrestricted cash. | ||||
| B Communications Unconsolidated Sources and Uses | ||
| | ||
| (In millions) | | Convenience |
| | | translation into |
| | | U.S. dollars |
| | | (Note A) |
| | NIS | US$ |
| | | |
| Net debt as of December 31, 2015 | 2,554 | 664 |
| | | |
| Dividends received from Bezeq | (204) | (53) |
| Net proceeds from the sale of Bezeq shares | (978) | (254) |
| Financial expenses, net | 134 | 35 |
| Loss from purchase of Notes | 25 | 7 |
| Tax provision Werbung Mehr Nachrichten zur B COMMUNICATIONS LTD. Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||
