Elbit Systems Announces an Update by S&P Global Ratings Maalot Ltd. With Respect to a Rating Issued for Potential Notes Offering by Elbit Systems
On July 5, 2021, Elbit Systems Ltd. (NASDAQ: ESLT) announced an update regarding a potential notes offering in Israel. Following previous announcements, the company revealed that S&P Global Ratings Maalot Ltd. assigned an "ilAA" rating with a stable outlook for the offering, estimated at approximately NIS 2 billion ($613 million nominal value). The final terms and execution of the offering remain subject to board approval. The notes will not be registered under U.S. law and are intended for the Israeli market.
- S&P Global Ratings assigned an 'ilAA' rating to the potential notes, indicating strong credit quality.
- The offering has a substantial nominal value of approximately $613 million, providing potential capital for the company.
- The offering's execution and terms have not been finalized, introducing uncertainty.
- There is no guarantee that the offering will be completed, posing potential risks to investors.
HAIFA, Israel, July 5, 2021 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today, further to its announcements from June 10, 2021 of a potential notes offering in Israel (the "Offering"), and of June 15, 2021 of the issuance by S&P Global Ratings Maalot Ltd. ("Maalot") of an "ilAA" (on local scaling) rating with a stable outlook (the "Rating"), to the potential new notes that may be issued by the Company, that the Rating applies to the potential new notes that may be issued by the Company, in an aggregate amount of approximately NIS 2 billion (approximately $613 million) nominal value ("Maalot's Announcement").
Maalot's official rating report in Hebrew was submitted to the Israel Securities Authority (the "ISA") and the Tel Aviv Stock Exchange Ltd. (the "TASE"). An unofficial English translation of Maalot's rating report was submitted by the Company on Form 6-K to the U.S. Securities and Exchange Commission (the "SEC"). Maalot's Announcement in Hebrew was submitted to the ISA and the TASE and an unofficial translation thereof will be submitted by the Company on Form 6-K to the SEC.
The execution, timing, terms and amount to be raised in the contemplated Offering have not been finally determined and are subject to further approval of the Company's Board of Directors and the approval of the TASE. There is no assurance that the Offering will be completed.
Any securities, 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 Company's shelf prospectus dated September 30, 2020 and any shelf offering report, if made, will be made only in Israel. This announcement does not constitute a solicitation or an offer to buy any securities.
About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial 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, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.
For additional information, visit: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.
Company Contact:
Joseph Gaspar, Executive VP & CFO Tel: +972-4-8316663
Rami Myerson, Director, Investor Relations Tel: +972-77-2948984
David Vaaknin, VP, Head of Corporate Communications Tel: +972-77-2946691 david.vaaknin@elbitsystems.com
| IR Contact:
Ehud Helft Kenny Green GK Investor Relations Tel: 1-646-201-9246 |
This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.
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