Cellcom Israel Ltd. announced that following the previously announced preparation for a private debenture offering in Israel of additional debentures of the existing series L debentures, which are listed on the Tel Aviv Stock Exchange, or TASE, the Company received orders from certain institutional investors for approximately NIS 744 million principal amount of additional Series L debentures, out of which the Company accepted (subject to the TASE's approval) orders for NIS 400 million aggregate principal amount of additional Series L debentures, for a total consideration of approximately NIS 391 million. The price was set at NIS 977 for each Series L debenture of NIS 1,000 principal amount, reflecting an effective interest of 3.55% per annum. Accordingly, the debentures series L will be issued at a discount over the adjusted principal amount of the debentures (reflecting accumulated interest). The net proceeds from the offering shall be used for general corporate purposes. Resale of the new Series L debentures (once issued) shall be subject to the limitations set in section 15c of the Israeli Securities Law and the regulations promulgated thereunder. The closing of the private offering is subject to the receipt of the TASE's approval.