The company increased its bond issue by NIS 100 million.
Real estate and medical devices holding company Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) has expanded its Series F Debentures and new Series 1 Convertible Debentures offer to NIS 270 million from NIS 170 million, after the institutional tender was oversubscribed by NIS 600 million.
Elbit Imaging raised NIS 213 million in the institutional tender and plans to raise NIS 57 million in the public tender that will be held in a few days. In the institutional tender, the company in straight bonds (the expanded Series F Debentures), which are Consumer Price Index (CPI) linked and bear 5.78% interest. It raised NIS 93 million in Series 1 Convertible Debentures, which bear 5.36% interest. The convertible debentures can be converted into shares at NIS 128 per share through July 2013, and thereafter at NIS 200 per share.
Midroog Ltd. gave the bonds an A2 rating with a "Stable" outlook.
Elbit Imaging's share closed at $25 on Nasdaq yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on July 30, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009