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Elbit Imaging Ltd. Announces The Early Termination Of Its Debentures Repurchase Financing Transactions

Stocks in this article: EMITF

TEL AVIV, Israel, February 10, 2013 /PRNewswire/ --

Elbit Imaging Ltd. ( " EI "  or the  " Company " ) (TASE, NASDAQ: EMITF) announced today that the financial institutions that had acquired Elbit's Series A to G Debentures (" Debentures") under the structured debenture transactions with Elbit Imaging Financing Services, Limited Partnership (" Elbit Financing") that were announced on August 2, 2012 and November 8, 2012 (the " Transactions"), have notified Elbit Financing of the early termination of the Transactions as a result of the decline in the market price of the Debentures and consequentially, the failure to meet the loan-to-value covenants in the Transactions.

The financial institutions were not obligated to hold the Debentures purchased under the Transactions, but only the have such Debentures delivered to Elbit Financing at the scheduled termination date upon the redemption of the respective credit-linked notes. Under the terms of the Transactions, upon the early termination of the Transactions as a result of a decline in the market price of the Debentures, the financial institutions may sell the Debentures held by each of them as of the date of termination, and use the proceeds of the sales to redeem the respective credit-linked notes, either execute a cash settlement or physical settlement thereof and deliver Elbit Financing the proceeds of the sale of the Debentures or the remainder of the Debentures not sold, in excess of the early termination amounts, which shall be retained by the financial institutions. The early termination amounts consist of the principal and interest (agreed upon IRR) under the respective credit-linked notes and unwind costs which are due to the financial institutions under the Transactions. The Company expects that the sale of Debentures held by the financial institutions will cover the termination amounts. The amounts of cash or Debentures to be returned to Elbit Financing will depend on the prices at which the Debentures are sold by the financial institutions.

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