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Hot Rises to 3-Year High in Tel Aviv on Loan, License Report

Hot Telecommunication System Ltd. rose to the highest level in almost three years as the Israeli cable television company signed a loan-refinancing agreement and TheMarker reported it will get an internet license.

The shares advanced 3.7 percent to 57.40 shekels, the highest intraday level since January 2008, at 12:25 p.m. in Tel Aviv.

Hot signed a memorandum of understanding with Bank Leumi Le-Israel Ltd. and Bank Hapoalim Ltd. to borrow as much as 3.4 billion shekels ($939 million). The company will also use the funds to distribute dividends, it said.

Separately, TheMarker reported the company will today receive a license to provide Internet services from the Ministry of Communications.

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