By Angela McDaniels
Tacoma, Wash., March 25 - Elbit Imaging Ltd. priced NIS 100 million of series G debentures due 2018 with a coupon of 5.08% through a Dutch auction, according to a company news release.
The debentures were offered to institutional investors and the public in Israel. The coupon was set after the auction to the public.
The debentures priced at par of NIS 1,000. The principal is subject to upward adjustments for increases in the Israeli Consumer Price Index.
The debentures will be repaid in five payments as follows:
• 10% of the principal will be payable on Dec. 31, 2014;
• 20% will be payable on Dec. 31, 2015 and Dec. 31, 2016; and
• 25% will be payable on Dec. 31, 2017 and Dec. 31, 2018.
According to a previous news release, institutional investors subscribed for the entire 80% of the offering allotted to them by law.
The debentures were expected to settle Thursday.
The company said it expects the net proceeds of the offering to be NIS 98.79 million.
Elbit Imaging has four main business segments: shopping and entertainment centers, hotels, image-guided treatment and residential projects. The company is based in Tel Aviv, Israel.
| Issuer: | Elbit Imaging Ltd.
|
| Issue: | Series G debentures
|
| Amount: | NIS 100 million
|
| Maturity: | 2018
|
| Coupon: | 5.08%
|
| Price: | Par
|
| Settlement date: | March 25
|
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