Bucuresti Turism has already drawn the first tranche of the loan, of EUR62.5 million, Elbit Imaging said in a statement Monday. The remaining funds will be drawn between December 2012 and March 31, 2013, subject to the satisfaction of certain conditions in the loan arrangement.
Elbit Imaging owns 76% in Bucuresti Turism.
The hotel operator, which runs Bucharest hotels Radisson Blu and Centre Ville, swung to net profit of 230,455 lei (EUR53,000) in the first half, from a loss of RON15.6 million in the year-earlier period.
At around 14:00 local time, Bucuresti Turism’s shares traded down 1.82% at RON2.7 in Bucharest, amid a declining market. (EUR1=RON4.3222)