Israel's Elbit Medical announces private issuance of NIS305 million 10-year notes by Plaza subsidiary

By Aaron Hochman-Zimmerman

New York, July 5 - Elbit Medical Imaging Ltd. said subsidiary Plaza Centers NV it will issue NIS305 million of 10-year series I, unsecured non-convertible debentures (A+, Maalot) to institutional Israeli investors, according to a press release.

The bonds will be payable in eight equal annual installments. The interest rate of 4½% will be paid semi-annually. Both principal and interest are linked to the Israeli consumer price index.

"This initial private issuance of debentures issued by our subsidiary, Plaza Centers, amounting to approximately NIS 305 million, and especially the favorable interest rate, demonstrates the confidence which institutional investors have in the management, entrepreneurial and development capabilities of Elbit Imaging Group," said Shimon Yizhaki, president of Elbit in a press release.

The Tel Aviv, Israel-based firm primarily deals in the development of commercial centers, hotel and property management in central and eastern Europe.

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