Israel's Elbit Systems offers NIS 900 million of 4.84% notes due 2020

By Angela McDaniels

Tacoma, Wash., March 27 - Elbit Systems Ltd. is offering up to NIS 900 million of series A notes, according to a company news release.

The notes carry a 4.84% coupon. The principal amount is payable in nine equal annual installments on June 30 of each of the years 2012 through 2020.

The offering is being made in Israel only. The public tender for the Regulation S notes is expected to be held on Wednesday.

The company has received early commitments from institutional investors for NIS 806.41 million of the notes at a price of no less than 102.9. The institutional investors will receive an early commitment fee of 0.5% of the minimum price of the notes for which early commitments were provided.

The notes will form a single series with the currently outstanding series A notes, which were issued in June 2010, and will not be linked to any currency or index.

The notes are rated Aa1 by Midroog Ltd. and will be listed for trading on the Tel Aviv Stock Exchange Ltd.

The notes are being offered under an additional shelf offering report with the Israel Securities Authority and the Tel Aviv Stock Exchange.

The completion of the public tender and its terms are subject to market conditions.

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

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