Replies to post #1775 on Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Announces Early Repayment of Its (Series H) Notes

TEL AVIV, ISRAEL / ACCESSWIRE / December 19, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced today, further to its announcement dated December 11, 2017 (regarding the Company's series H and Series I bondholders approval of amendments to the trust deeds ("the Amended Trust Deed")), as follows:
1. On December 18, 2017, the Company announced that it completed the sale of its holdings in a SPV that holds the Radisson Hotel Complex in Bucharest, Romania, based on a property value of €169.2 million (the "Transaction" and "SPV," respectively).
2. The net proceeds received by the SPV (after Transaction expenses) is approximately €81 million.
The following amounts were deducted from the net proceeds so that the SPV has received a total cash amount of approximately €61.4:
2.1 The repayment of the loan to Bank Hapoalim Ltd. in the amount of approximately €11.6 million (the "Loan"). The Loan was secured, inter alia, by a lien on the SPV's shares.
2.2 An amount of €8 million was used to finance a vendor loan which has been granted for a period of 3 years, bearing interest at the rate of 5% per annum.
3. In accordance to the Amended Trust Deed, the Company:
3.1 Will start with the voluntary liquidation of Elscint Holdings & Investment N.V. - a fully owned subsidiary of the Company that holds (indirectly) the SPV.
3.2 Announced an early repayment to its (series H) notes, in a total amount of NIS 240,197,260 (which includes a principal payment of NIS 240 million and an interest payment of NIS 197,260) which will be executed on January 5, 2018.