Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) today announced that it is considering expanding its Series A Bond by up to NIS 900 million ($239 million), under the company's shelf prospectus dated May 18, 2010.
Midroog Ltd. gives the bonds an Aa1 rating with a "Stable" outlook.
The offering will only be in Israel. If issued, the terms of the additional Series A Bond will be similar to the Series A Bond issued in June 2010. The bond principal is payable in 10 equal annual installments starting from 2011 through 2020 and a fixed yearly interest rate of 4.84%. The bond is not linked to any index or currency. The bond is traded on the Tel Aviv Stock Exchange (TASE).
Elbit Systems said that it has not yet determined whether to offer additional Series A Bonds, or the scope, terms or timing of any such offering. It added that it may abandon the offering or change the terms, including the amount of the offering.
Elbit Systems' share price fell 1.6% in morning trading on the TASE today, after falling 0.3% on Nasdaq on Friday to $38.02, giving a market cap of $1.63 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2012
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