Elbit Imaging Ltd., one of Israel’s principal holding companies, has announced the drawdown of 9 million Euros ($11.43 million) of debt in a refinancing agreement of the The Radisson Blu Hotel Complex in Bucharest, Romania.
Established in 1996, Elbit has activities in commercial and entertainment centers, hotels, residential real estate, bio and medical devices, retail and others
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The centrally located Bucharest hotel lies near the former Royal Palace, the National Museum of Art and historic Revolution Square. It has 718 modern rooms designed by Uri Blumenthal and Buki Zuker and offers Free high-speed, wireless Internet and individual climate control. Steak, seafood, Italian specialties and Mediterranean dishes are offered at the hotel’s on site restaurants.
There is also a lounge, a swimming pool, a spa and fitness center, outdoor pool and Jacuzzi, and a casino. 12 meeting rooms with floor-to-ceiling windows and state-of-the-art audiovisual equipment accommodate conferences and special events.
The company’s approximately 77% holding subsidiary, S.C. Bucharesti Turism S.A. was listed as borrower, the Company as a guarantor, certain other subsidiaries of the Company as additional obligors and a leading international European bank, as lender, have entered into an amendment to the facilities agreement between the aforementioned parties entered into on September 16, 2011 which facilitates the drawdown of the second facility under the Facilities Agreement and that BUTU has consummated such drawdown in the amount of approximately Euro 9 million (“Tranche B Facility”).
The principal amount of the loan under the Facilities Agreement (the “Loan”) following the drawdown of the Tranche B Facility, as of the date hereof, amounts to approximately Euro 64 million.
The proceeds of the Tranche B Facility were used in their entirety to repay shareholders loans to the Company.
In other Elbit news two weeks ago the company invested $12.5 Million in Insightec by Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Limited.