Agreement with YA Global Master SPV, at 2% discount, spans three years
By Devika Patel
Knoxville, Tenn., March 28 - Elbit Imaging Ltd. arranged a three-year equity purchase agreement with YA Global Master SPV Ltd. on March 25, according to a 6-K filed Monday with the Securities and Exchange Commission. The agreement is for up to $50 million.
The company may sell ordinary shares in tranches of up to $2.5 million at a price equal to 98% of the lowest daily volume-weighted average price of the stock during the five trading days after the company provides an advance notice to YA.
The investor will also receive an $810,000 commitment fee.
In addition to the agreement, on March 25, 2011, YA Global also purchased a $10 million senior note, expected to settle on April 13. The 4% note will mature on Oct. 24, 2011 and may be prepaid.
Tel Aviv-based Elbit is a holding company with activities in the fields of commercial and entertainment centers, hotels, image-guided treatment, residential real estate, and retail.
| Issuer: | Elbit Imaging Ltd.
|
| Issue: | Equity purchase agreement, senior note
|
| Amount: | $60 million
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Pricing date: | March 25
|
| Stock symbol: | Nasdaq: EMITF
|
| Stock price: | $11.90 at close March 25
|
| Market capitalization: | $303.14 million
|
|
|
| Equity sale
|
| Amount: | $50 million
|
| Tenor: | Three years
|
| Price: | 98% of lowest daily volume-weighted average price during five trading days after notification
|
| Fees: | $810,000
|
|
|
| Note
|
| Amount: | $10 million
|
| Maturity: | Oct. 24, 2011
|
| Coupon: | 4%
|
| Call: | Yes
|
| Settlement date: | April 13
|
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