 Cellcom Israel Ltd. NYSE: CEL TASE: CEL the Company announced today that its Board of Directors has instructed the Company to prepare for a potential offering of additional debentures from the Companys existing Series L Debentures in an aggregate principal amount of approximately NIS 200 million and additional Series 4 options to purchase ordinary shares of the Company in an aggregate principal amount of approximately NIS 2 million, to the public in Israel only. 