Bezeq Receives
A Large Loan
Jerusalem — Bezeq has raised
a $200 million loan from a syn-
dication of 37 banks in the Unit-
ed States, Japan, Europe, China
and Thailand. The agents were
the Sanwa Bank of Japan and
the Bank of America.
Bezeq originally intended
to raise $100 million, but in
view of the credit needs, the
"great faith" that internation-
al financial institutions have
shown in the company and the
favorable terms, Bezeq decided
to double the amount to $200
million.
The loan is being supplied to
Bezeq without guarantees and
will be repaid within five years.
The deal was signed in London
by Bezeq Director-General
Yitzhak Kaul and Avi
Hochman, the company's
deputy director-general for fi-
nances.
Mr. Kaul thanked the two
banks that arranged the loan
and said he hoped Bezeq would
have additional business with
them in the future. Bezeq has
been taking loans on the inter-
national market for several
years, but this syndication in-
cluded a number of important
new members.
"I can promise you that your
faith in Bezeq and the State of
Israel is solidly based," Mr. Kaul
said.
The public telecommunica-
tions company will spend the
money on boosting the growth
of the country's infrastructure,
improving its technologies and
introducing new services and
products.
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Bank Shares
Show Confidence
Jerusalem (JPFS) — The suc-
cessful sale of 14.5 percent of Is-
rael Discount Bank's shares
indicates investors are main-
taining their confidence in the
Israel economy in general and
the banking sector in particu-
lar, despite recent terrorist at-
tacks, Finance Minister
Avraham Shohat said.
Foreign institutions pur-
chased about 25 percent of the
stock.
Ron Lubash, general manag-
er of U.S. investment bank
Lehman Brothers' Israel outlet,
said the offering represents a
breakthrough in distribution of
Tel Aviv listed securities over-
seas.
However, work still needs to
be done to fully integrate do-
mestic local offerings with the
standards and requirements of
international markets, he
added.
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