Elbit Imaging (EMITF) Unit Enters $30M Loan Agreement
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Elbit Imaging Ltd. (Nasdaq: EMITF) reports its indirect subsidiary, Elbit USA, LLC, entered into a loan agreement with Eastgate Property LLC, pursuant to which the Borrower borrowed $30 million (approximately NIS 110 Million). The loan bears interest at the rate of 11.4 percent per annum and matures in one year, with an option of the Borrower either to extend the maturity for one additional year, in which case the interest rate would retroactively increase to 16.6 percent, or to prepay the loan at any time without penalty.
In addition, the Company granted to the Lender a warrant to purchase the Company's ordinary shares at an exercise price of $3.00 per share during a two-year period commencing on March 31, 2012. If the loan is repaid by March 21, 2012, the warrant will entitle the lender to purchase up to 3.3% of the Company's outstanding shares. Otherwise, the warrant will entitle the lender to purchase up to 9.9 percent thereof.
In addition, the Company granted to the Lender a warrant to purchase the Company's ordinary shares at an exercise price of $3.00 per share during a two-year period commencing on March 31, 2012. If the loan is repaid by March 21, 2012, the warrant will entitle the lender to purchase up to 3.3% of the Company's outstanding shares. Otherwise, the warrant will entitle the lender to purchase up to 9.9 percent thereof.
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