Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Announces the Completion of the Transaction for the Sale of Its Rights in the Radisson Hotel Complex in Bucharest, Romania


TEL AVIV, ISRAEL / ACCESSWIRE / December 18, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE: EMITF; NASDAQ: EMITF) announced today that, further to its previous announcement dated November 29, 2017 regarding the signing of an agreement for the sale of its holdings in an SPV that holds the Radisson Hotel Complex in Bucharest, Romania (the "Transaction"), it has now completed the Transaction. The net proceeds received (after offsetting the senior bank loan, working capital, and other adjustments, as well as transaction expenses) is in the amount of approximately €81 million (the "Net Proceeds"). Part of the Net Proceeds in an amount equal to €8 million has been used to finance a vendor loan granted for a period of 3 years, bearing interest at the rate of 5% per annum.
Upon closing of the Transaction, the Company applied part of the Net Proceeds in order to repay its outstanding loan to Bank Hapoalim Ltd. in the amount of approximately Euro 11.6 million.