On December 18, 2017, Elbit Imaging Ltd. announced that, following the previous announcement on November 29, 2017, regarding the signing of an agreement to sell its entire stake in the company owning the Radisson Hotel Complex in Bucharest, it has closed the transaction.
The net proceeds received (after offsetting the senior bank loan, working capital, and other adjustments, as well as transaction expenses) amount to approximately EUR 81 million.
A portion of the net proceeds, amounting to EUR 8 million, was used to finance a loan provided for a period of 3 years, with an interest rate of 5% per annum.
Upon closing the transaction, the company used a portion of the net proceeds to repay its loan to Bank Hapoalim Ltd., amounting to approximately EUR 11.6 million.
Source: Elbit Imaging
Frequently Asked Questions
What was the total value of the net proceeds from the sale?
The net proceeds received by Elbit Imaging amounted to approximately EUR 81 million after offsetting the bank loan, working capital, and transaction costs.
Who was the lender repaid by Elbit Imaging after the sale?
Elbit Imaging used part of the proceeds to repay a loan of approximately EUR 11.6 million to Bank Hapoalim Ltd.
When was the Radisson complex sale transaction finalized?
The transaction was officially closed on December 18, 2017, following the initial agreement signed on November 29, 2017.