Elbit Imaging Adjusts Plan Of Arrangement Of Unsecured Financial Debt

(RTTNews) - Elbit Imaging Ltd. (EMITF) announced that it has further adjusted its proposed plan of arrangement of its unsecured financial debt and has submitted to Court a motion to approve an adjusted plan of arrangement of its unsecured financial debt.

The aggregate principal amount of the two series of new notes that will be issued pursuant to the Adjusted Arrangement will be increased from NIS 570 million or approximately $161.15 million to NIS 666 million or approximately $188.30 million.

The principal amount of the first series of new notes will be increased to NIS 448 million or approximately $126.66 million, repayable in a single payment at the end of four and half years from the date of issuance thereof (rather than at the end of six years as provided in the Original Arrangement).

The principal amount of the second series of new notes will be increased to NIS 218 million or approximately $61.63 million, repayable in a single payment at the end of six years from the date of issuance thereof (rather than at the end of eight years as provided in the Original Arrangement).

Both series of the new notes will bear interest at the rate of 6% per annum but notwithstanding the provisions of the Original Arrangement, each of the two series of the new notes will be linked to the consumer price index.

Interest on the first series of new notes will be payable in cash on a semi-annual basis, while interest on the second series of new notes will be payable on the final maturity date, subject to prepayment in the Company's sole discretion on June 30 and/or December 31 of any particular calendar year.