Israel's Elbit Imaging reopens series G bonds to add NIS 200 million

By Angela McDaniels

Tacoma, Wash., July 28 - Elbit Imaging Ltd. will issue an additional NIS 200 million principal amount of its 5.08% series G debentures due 2018, according to a company news release.

During a Dutch auction, institutional investors in Israel subscribed for the entire 80% of the offering allotted to them. The remaining 20% will be sold via a public offering in Israel.

The issue price is 95.1 for a yield of 6.44%.

The company said it expects the net proceeds of the offering to be NIS 188 million, assuming the total offering will be subscribed for.

Elbit Imaging issued NIS 100 million of the debentures in March.

The principal of the debentures 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 on Dec. 31, 2014;

• 20% on each of Dec. 31, 2015 and Dec. 31, 2016; and

• 25% on each of Dec. 31, 2017 and Dec. 31, 2018.

Elbit Imaging has five main business segments: commercial and entertainment centers, hotels, image-guided treatment, residential projects and fashion apparel. The company is based in Tel Aviv, Israel.

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