Israel's Elbit Medical Imaging to issue NIS 350 million in debentures

By Reshmi Basu

New York, Feb. 21 - Elbit Medical Imaging Ltd. plans to sell two series of unsecured non-convertible debentures for up to NIS 350 million via a private placement.

The first series will consist of NIS 294 million of bonds, which will bear an interest rate of 6%.

The second series will consist of NIS 56 million of series B debentures, which will bear interest at a rate of Libor plus 265 basis points.

Additionally, the issuer will issue NIS 44 million series B debentures to one of its subsidiaries.

Midroog Ltd., an affiliate of Moody's Investors Services, has given an A2 rating to the issuance.

The Tel Aviv-based company is engaged principally in the development of commercial and entertainment centers in central and eastern Europe.

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