TEL AVIV, Israel, October 28, 2015 /PRNewswire/ --
Elbit Imaging Ltd. (the "Company") today announced that
its 98% holding subsidiary, S.C. Bucuresti Turism S.A.
("Butu"), as borrower and a leading international European
bank as lender (the "Lender"), have signed an indicative
term sheet to amend the facilities agreement between the
aforementioned parties entered into on September 16, 2011 and amended on September 28, 2014 (the "Term Sheet" and
the "Facility Agreement").
According to the Term Sheet, the Lender shall increase the loan
under the Facilities Agreement up to Euro 97
million (the "New Facility"). The New
Facility shall be drawn down in two tranches, with Tranche A in the
amount of up Euro 85 million, and
Tranche B in the amount of up to Euro 12
million. Both Tranches shall be subject to the satisfaction
of certain conditions as stipulated in the Term Sheet and will be
included in the New Facility financing documents.
The proceeds of the New Facility shall be used, inter alia, to
prolong the outstanding facility under the existing Facility
Agreement in the amount of approximately Euro 61 million. The surplus of the new Facility
will be used for the repayment of all existing shareholder loans
granted to Butu by Elbit Group.
The Additional Loan will be secured by certain securities as
will be stipulated in the amended Facility Agreement. The Company
will provide a corporate guaranty to secure the loan, which is
limited with the debt service payments of the New Facility (except
for the Balloon repayment).
At this point in time, there is only an indicative term sheet
signed and there is no certainty that an amendment to the Facility
Agreement will be completed, or that Butu shall fulfill the
conditions precedent required for the drawdown of the Tranche A or
Tranche B.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of
business: (i) Commercial centers - initiation, construction, and
sale of commercial centers and other mixed-use property projects,
predominantly in the retail sector, located in Central and
Eastern Europe. In certain
circumstances and depending on market conditions, the Group
operates and manages commercial centers prior to their sale. (ii)
Hotels - hotels operation and management. (iii) Medical industries
and devices - (a) research and development, production and
marketing of magnetic resonance imaging guided focused ultrasound
treatment equipment, and (b) development of stem cell population
expansion technologies and stem cell therapy products for
transplantation and regenerative medicine. (iv) Residential
projects - initiation, construction and sale of residential units
or plots designated for residential located primarily in
India.
Any forward-looking statements in our releases include
statements regarding the intent, belief or current expectations of
Elbit Imaging Ltd. and our management about our business, financial
condition, results of operations, and its relationship with its
employees and the condition of our properties. Words such as
"believe," "expect,"
"intend," "estimate"
and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. Actual results may differ materially from those
projected, expressed or implied in the forward-looking statements
as a result of various factors including, without limitation, a
change in market conditions, a decision to deploy the cash for
other business opportunities and the factors set forth in our
filings with the Securities and Exchange Commission including,
without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31,
2014, under the caption "Risk
Factors." Any forward-looking statements contained in
our releases speak only as of the date of such release, and we
caution existing and prospective investors not to place undue
reliance on such statements. Such forward-looking statements do not
purport to be predictions of future events or circumstances, and
therefore, there can be no assurance that any forward-looking
statement contained our releases will prove to be accurate. We
undertake no obligation to update or revise any forward-looking
statements.
For Further Information:
Company Contact
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
SOURCE Elbit Imaging Ltd.