Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Ltd. Announces Closing of the Second Tranche of the Refinancing of the Radisson Blu Hotel in Bucharest

Elbit Imaging Ltd. ("Company") (TASE:EMITF) (NASDAQ:EMITF) announced today, further to its announcements dated March 10, 2016 and March 24, 2016, that its approximately 98% holding subsidiary, Bucuresti Turism S.A. ("BUTU") has reached the effective date for the drawdown of the second tranche of the loan in the amount of Euro 12 million under the Amended and Restated Facility Agreement between BUTU, as borrower, Raiffeisen Bank International A.G and Raiffeisen Bank S.A., leading international European banks, as lenders and the Company as guarantor. Following the drawdown, the total outstanding amount of the loan is approximately Euro 95 million.
Euro 7 million will be used by the Company for a principal payment to Bank Hapoalim B.M.