Elbit Imaging buys back NIS 35.54 million series H notes at 93.93

By Wendy Van Sickle

Columbus, Ohio, Sept. 1 – Elbit Imaging Ltd. has bought back NIS 35,537,580 principal amount of its series H notes traded on the Tel Aviv Stock Exchange under its buyback plan.

Elbit purchased the shares at a weighted average price of 93.93 for a total price of NIS 33,380,766, according to a 6-K filing with the Securities and Exchange Commission.

On June 1, Elbit announced it would 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 134,969,147 of series H notes at a weighted average price of 91.37 for a total of NIS 123,303,353.

On Aug. 18, the company announced plans to repurchase up to NIS 50 million more of the series H notes in the 12 months beginning that day.

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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