Elbit unit will issue 6% convertible notes due 2016 to investor
By Marisa Wong
Madison, Wis., Feb. 27 - InSightec Ltd. entered into a $13.75 million convertible loan agreement with GE Healthcare, according to an announcement by InSightec's parent company, Elbit Imaging Ltd.
The loan will be in the form of 6% convertible notes due Oct. 1, 2016. The notes will be convertible into series B-1 preferred shares.
Funds will be used to support InSightec's research and development, sales and marketing, business development, legal and operational needs.
InSightec's existing financing granted by Elbit and Elbit's subsidiary, Elbit Medical Technologies Ltd., will be amended to provide similar loan terms as those of the GE funding agreement.
Elbit and Elbit Medical will receive notes convertible on the same terms as the notes issued to GE.
InSightec develops ultrasound therapeutic applications and is based in Tirat Carmel, Israel.
| Issuer: | InSightec Ltd.
|
| Issue: | Convertible loan notes
|
| Amount: | $13.75 million
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| Maturity: | Oct. 1, 2016
|
| Coupon: | 6%
|
| Warrants: | No
|
| Investor: | GE Healthcare
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| Announcement date: | Feb. 27
|
| Stock symbol: | Nasdaq: EMITF (Elbit Imaging Ltd.)
|
| Stock price: | $2.76 at close Feb. 23
|
| Market capitalization: | $62.21 million
|
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