Elbit Imaging buys back NIS 15.85 million more series H notes at 94.1

By Susanna Moon

Chicago, June 16 – Elbit Imaging Ltd. paid a total of NIS 14,911,664 more to buy back more of its series H notes traded on the Tel Aviv Stock Exchange under its recent buyback plan.

Elbit bought NIS 15,846,614 shares at a weighted average price of 94.1, according to a 6-K filing with the Securities and Exchange Commission.

As announced June 1, Elbit will repurchase up to NIS 40 million more of its series H notes from time to time in the open market or in privately negotiated transactions for 12 months beginning June 1.

The buyback program was approved by the company’s board of directors on June 1.

Under a loan agreement with Bank Hapoalim, the company will be required to prepay a principal amount of about NIS 4 million if the notes buyback is fully executed, the release noted.

The company said it will purchase only series H notes until further notice.

Since Oct. 12, the company has bought back NIS 115,278,181 of series H notes at a weighted average price of 90.94 for a total of NIS 104,834,251.

Elbit Imaging is a company based in Tel Aviv with interests in commercial centers and other mixed-use real estate projects, predominantly in the retail sector, located in Central and Eastern Europe, hotels, medical industries and devices and residential projects, primarily in India.

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