By Marisa Wong
Madison, Wis., Nov. 9 - Elbit Imaging Ltd. said it concluded the public offering of additional series G debentures on Tuesday.
Elbit issued NIS 100 million of series G debentures in March and, as announced on July 29, offered up to NIS 200 million of additional debentures. 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.
In the public offering Elbit priced NIS 160,000 of debentures at a price of NIS 990.5 per NIS 1,000 principal amount, representing a 6.23% yield and proceeds of NIS 158.5 million.
Previously, Elbit sold NIS 186.03 million of additional series G debentures at 95.1 to yield 6.44%.
The additional series G debentures have the same terms as the original series G debentures. They carry a 5.08% coupon and mature in December 2018.
As previously reported, 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 186,188,000
|
| Maturity: | Dec. 31, 2018
|
| Coupon: | 5.08%
|
| Price: | 95.1 for NIS 186.03 million; 99.05 for NIS 160,000
|
| Yield: | 6.44% for NIS 186.03 million; 6.23% for NIS 160,000
|
| Announcement date: | July 29
|
| Settlement date: | Nov. 9
|
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