Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Announces Signing an Amendment to the Loan Agreement with Bank Hapoalim

ACCESSWIRE ACCESSWIRENovember 28, 2017
TEL AVIV, ISRAEL / ACCESSWIRE / November 28, 2017 / Elbit Imaging Ltd. (the "Company") (TASE: EMITF, NASDAQ: EMITF) announced today, further to its announcements dated on November 14, 2013, December 30, 2013 and March 22, 2016, regarding the loan agreement with Bank Hapoalim B.M. (the "Bank" and "Loan agreement"), that it has signed an amendment to the Loan Agreement So that the repayment date of the loan will be postponed as detailed below (the "Amendment" and the "Loan").

The balance of the debt as of November 22, 2017 is approximately 12.65 million EURO which were due on November 30, 2017. Upon signing the Amendment, the Company will pay €1,050,000 to the Bank, so that the balance of the Loan will be €11.6 million ("Updated Balance"). The Updated Balance will be repaid to the Bank in monthly installments, according to the following payment schedule:

€1,000,000 will be repaid on December 27, 2017.
The remaining balance of the Loan will be paid no later than January 31, 2018.
The Loan will bear interest at the rate of LIBOR + 4.65%, to be paid by the Company in monthly installments beginning December 27, 2017.

Any funds that the Company will receive from the sale of the Radisson Blu Hotel in Bucharest Romania, and/or from any other sources, will be used for early repayment on account of, or full repayment, as the case may be, of the Loan.