Elbit Medical adds NIS 180 million to previous NIS 334 million note offering

By Aaron Hochman-Zimmerman

New York, May 30 - Elbit Medical Imaging, Ltd. announced the addition of NIS 180 million unsecured, non-convertible series D bonds to the NIS 334 million bond offer made this April 1 (A1), according to a market source.

The new bonds have a 5% interest rate linked to the Israeli consumer price index. They will be repayable in eight annual equal installments starting in April 2013 and ending in April 2020, the same terms as the earlier issue.

They will be listed for trade on the Institutional Retzef, a trading system for institutional investors in Israel. The bonds will not be available in the United States.

EMI will continue its attempts to register the bonds on the Tel Aviv Stock Exchange. The company has offered to pay an additional 0.5% annual rate of interest, and will not make distributions to shareholders, in accordance with Israeli law, until a prospectus is published.

EMI will prepay the notes if the rating drops below Baa2 according to Midroog Ltd., a Moody's affiliate.

The Tel Aviv, Israel-based firm primarily deals in the development of commercial centers, hotel and property management in central and eastern Europe.

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