Israel's Elbit Systems offers up to NIS 1.1 billion of 10-year notes

By Angela McDaniels

Tacoma, Wash., June 7 - Elbit Systems Ltd. is offering up to NIS 1.1 billion of series A notes due June 30, 2020 to investors in Israel, according to a company news release.

The notes will be sold at par and will be payable in 10 equal annual installments.

The fixed interest rate will be set in a public auction and will not be more than 4.85%.

The notes will not be linked to any currency or index.

The company said it received early commitments from institutional investors for NIS 927.73 million principal amount of the notes. These investors will receive an early commitment fee of 0.5%.

The public tender for the notes was expected to be held Monday.

The notes will be listed for trading on the Tel Aviv Stock Exchange.

According to the release, Midroog Ltd. has assigned an Aa1 local-scale rating to unsecured notes to be issued by the company, including the series A notes.

Elbit Systems is a defense electronics company based in Haifa, Israel.

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