Israel's Elbit offers up to NIS 100 million of series G debentures

By Jennifer Chiou

New York, March 24 - Elbit Imaging Ltd. announced an up to NIS 100 million offering of series G debentures due 2018 through a Dutch auction for institutional investors and the public in Israel.

Each of the debentures will be priced at par of NIS 1,000.

According to a news release, institutional investors have subscribed for the entire 80% of the offering allotted to them by law.

Based on the results of the offering to institutional investors, the debentures are expected to bear interest at a rate of up to 5.09% per year. The final semiannual coupon will be set after the auction to the public.

Elbit added that the debentures will be subject to repayment as follows:

• 10% of the principal will be payable on Dec. 31, 2014;

• 20% of the principal will be payable on Dec. 31 in 2015 and 2016; and

• 25% of the principal will be payable on Dec. 31 in 2017 and 2018.

The company said it expects the net proceeds of the offering to be NIS 98.79 million.

Elbit is a subsidiary of Europe Israel (M.M.S.) Ltd., a Tel Aviv-based company engaged primarily in the development of commercial and entertainment centers in central and eastern Europe.

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