Magic Software Enterprises Ltd. announced that the company has obtained a ILS 120 million (approximately $31.5 million) loan from an Israeli institutional corporation. After taking the loan, the Company will have total cash of approximately $92.5 million (net cash of $60 million). The proceeds from the loan will be used to support the growth of the Company's existing business and for potential acquisitions. The unsecured loan is payable in 7 equal annual payments with the final payment due on November 2, 2023 and bears a fixed interest rate of 2.60% per year (unlinked), payable in two semi-annual payments. The loan, which may be prepaid under certain circumstances, is subject to various customary financial covenants and a negative pledge.