Financial Schools Reviews

HAIFA, Israel, June 6 /PRNewswire-FirstCall/ — Elbit Systems Ltd. (Nasdaq and TASE: ESLT) (the “Company”) announced that pursuant to its Shelf Prospectus dated May 18, 2010, the Company has filed today a Shelf Offering Report (the “Offering Report”) with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd (“TASE”).

(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441)

Pursuant to the Offering Report, the Company is offering (the “Public Offer”) one series of unsecured and non-convertible notes (the “Series A Notes”), which will mature during the period of 2011-2020, to be sold at par value as further detailed below:  

Series A Notes in an aggregate principal amount of up to NIS 1,100,000,000 (approximately $285 million), payable in 10 equal annual installments on June 30 of each of the years 2011 through 2020, bearing a fixed annual interest rate to be set in a public tender (which will not exceed 4.85% per annum), payable semi-annually on June 30 and on December 30 of each of the years 2010 through 2020 (the first interest payment will be made on December 30, 2010, and the last interest payment will be made on June 30, 2020). The Series A Notes (principal and interest) will not be linked to any currency or index.

The Company has received early commitments from institutional investors for the purchase of the Series A Notes in an aggregate principal amount of NIS 927,732,000 (the “Early Commitments”), with an interest rate of no more than 4.85% per annum.

As consideration for their early commitments, the institutional investors will receive an early commitment fee of 0.5% of the Early Commitments.

The public tender for all of the Series A Notes is expected to be held on June 7, 2010.

The net proceeds from the Public Offering, if completed, after deduction of the arrangers’ fees, the above mentioned early commitment fee and other expenses and commissions of the Public Offering, are expected to be approximately NIS 1,089,000,000.

The Series A Notes are unsecured, do not restrict the Company’s ability to issue additional notes of any class or distribute dividends in the future and contain standard terms and conditions. The Series A Notes will be listed for trading on the TASE.

On May 13, 2010, Midroog Ltd., an Israeli rating agency, announced that it assigned its “Aa1″ rating (local scale) to unsecured notes to be issued by the Company, which include the Series A Notes.  

The consummation of the Public Offering and its terms are subject to market conditions. Accordingly, there is no assurance at this stage that the Public Offering will be completed.

The Series A Notes, if offered, will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation “S” promulgated under the Securities Act) without registration under the Securities Act or an exemption from the registration requirements of the Securities Act.  Any offering of securities pursuant to the Shelf Prospectus, the Offering Report and any supplemental shelf offering report, if made, will be made only in Israel.

This press release shall not be deemed to be an offer to sell or a solicitation of an offer to buy any of the Series A Notes.

About Elbit Systems

Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance (“C4ISR”), unmanned aircraft systems (“UAS”), advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.

For additional information, visit: www.elbitsystems.com.

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