By Angela McDaniels
Tacoma, Wash., July 29 - Elbit Imaging Ltd. sold NIS 186.03 million of additional series G debentures at 95.1 to yield 6.44%, according to a company news release.
The debentures carry a 5.08% coupon and mature in December 2018.
During a Dutch auction, institutional investors in Israel subscribed for the entire 80% of the offering allotted to them. The remaining 20% was sold via a public offering in Israel.
The company said it expects the net proceeds of the offering to be NIS 176.9 million.
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.
| Issuer: | Elbit Imaging Ltd.
|
| Issue: | Series G debentures
|
| Amount: | NIS 186,028,000
|
| Maturity: | Dec. 31, 2018
|
| Coupon: | 5.08%
|
| Price: | 95.1
|
| Yield: | 6.44%
|
| Announcement date: | July 29
|
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