(Source: PRNewswire-FirstCall)NETANYA, Israel, April 5 /PRNewswire-FirstCall/ -- Cellcom Israel Ltd. (hereinafter: the "Company") announced that, following the Company's announcement on March 31, 2009 regarding the filing of a shelf prospectus, the Company has filed today a supplemental shelf offering report, or Offering Report, with the Israeli Securities Authority and the Tel Aviv Stock Exchange, or TASE. Pursuant to the Offering Report the Company is offering, in Israel only, additional series D debentures in an aggregate principal amount of up to NIS 185,970,000, and new series E debentures in an aggregate principal amount of up to NIS 788,667,000.

The principal of the series E debentures will be payable in six equal annual installments on January 5 of each of the years 2012 through 2017 and the interest thereon will be payable annually on January 5 of each of the years 2010 through 2017, without any linkage. The series D and series E debentures are unsecured, do not restrict the Company's ability to issue additional debentures of any class or distribute dividends in the future and contain standard terms and conditions. They will be listed for trade on the TASE.

The Company has received early commitments from institutional investors for the purchase of the following:

   --  series D debentures in the aggregate principal amount of NIS       148,770,000, at the price of no less than NIS 1,157 per unit (each       unit comprised of NIS 1,000 principal amount), with an interest rate       of 5.19% per annum, linked to the Israeli Consumer Purchase Index,       which is the same rate that applies to the first issuance of the       Company's series D debentures; and    --  series E debentures in the aggregate principal amount of NIS       699,167,000, , with an interest rate of no more than 6.40% per annum,       without linkage.   

In consideration for making early commitments, the institutional investors will receive a discount on the purchase price in the amount of 0.5%. The public tender for both series of debentures is expected to be held today.

The aggregate amount that the Company expects to pay in arrangement fees and other expenses in connection with this offering is approximately NIS 2.5 million. The aggregate discounts for the aforesaid commitments are expected to be approximately NIS 4.4 million. The Company estimates that the net proceeds from the Offering, if completed, will be approximately NIS 997 million, after deduction of the arrangers' fees and other estimated expenses.