YAVNE, Israel, June 10, 2016 /PRNewswire/ -- ORBOTECH LTD.
(the "Company" or "Orbotech") (NASDAQ/GSM: ORBK)
announced today that its previously announced public offering of
3,850,000 ordinary shares (the "Offering") was priced at a
price to the public of $26.52 per
share. The gross proceeds from the Offering before expenses
are expected to be approximately $102.1
million. The Company has also granted the underwriter
an option to purchase up to 385,000 additional ordinary shares.
The Company plans to use the proceeds of the Offering to repay a
portion of its outstanding indebtedness under its Credit Agreement,
dated as of August 7, 2014.
Barclays Capital Inc. is acting as sole book-running manager of
the Offering, which is being made under an effective shelf
registration statement.
A registration statement (including a prospectus) relating to
these securities has been filed with the U.S. Securities and
Exchange Commission (the "SEC") and has become
effective. Before you invest, you should read the prospectus
in our registration statement and other documents filed with the
SEC for more information about the Company and this Offering. The
Offering is being made only by means of a prospectus supplement and
accompanying base prospectus. A preliminary prospectus
supplement and accompanying base prospectus relating to the
Offering has been filed with the SEC. You may obtain these
documents free of charge by visiting the SEC's website at
www.sec.gov.
When available, the final prospectus supplement and accompanying
base prospectus relating to the ordinary shares being offered in
the Offering may be obtained from Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, telephone:
(888) 603-5847, email: barclaysprospectus@broadridge.com.
This press release is for informational purposes only and shall
not constitute an offer to sell or a solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ/GSM: ORBK) is a global innovator of
enabling technologies used in the manufacture of the world's most
sophisticated consumer and industrial products throughout the
electronics and adjacent industries. The Company is a leading
provider of yield enhancement and production solutions for
electronics reading, writing and connecting, used by manufacturers
of printed circuit boards, flat panel displays, advanced packaging,
micro-electro-mechanical systems and other electronic components.
Virtually every electronic device in the world is produced using
Orbotech systems.
Forward-Looking Statements
This press release includes or incorporates by reference certain
statements that constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. These statements relate to, among other things, future
prospects, developments and business strategies and involve certain
risks and uncertainties, and are identified by words such as
"anticipate," "believe," "could," "will," "plan," "expect" and
"would" and similar terms and phrases, including references to
assumptions. These forward-looking statements are made based on
management's expectations and beliefs concerning future events
affecting Orbotech and are subject to uncertainties and factors
relating to Orbotech's operations and business environment, all of
which are difficult to predict and many of which are beyond the
Company's control. Many factors could cause the actual results to
differ materially from those projected including, without
limitation, cyclicality in the industries in which the Company
operates, the Company's production capacity, timing and occurrence
of product acceptance (the Company defines "bookings" and "backlog"
as purchase arrangements with customers that are based on mutually
agreed terms, which, in some cases for bookings and backlog, may
still be subject to completion of written documentation and may be
changed or cancelled by the customer, often without penalty),
fluctuations in product mix, worldwide economic conditions
generally, especially in the industries in which the Company
operates, the timing and strength of product and service offerings
by the Company and its competitors, changes in business or pricing
strategies, changes in the prevailing political and regulatory
framework in which the relevant parties operate or in economic or
technological trends or conditions, including currency
fluctuations, inflation and consumer confidence, on a global,
regional or national basis, the level of consumer demand for
sophisticated devices such as smartphones, tablets and other
electronic devices as well as automobiles, the Company's global
operations and its ability to comply with varying legal,
regulatory, exchange, tax and customs regimes, the Company's
ability to achieve strategic initiatives, including related to its
acquisition strategy, the Company's debt and corporate financing
activities, the final timing and outcome (each, expected in
mid-to-late 2016), and impact of the criminal matter and ongoing
investigation in Korea, including any impact on existing or future
business opportunities in Korea and elsewhere, any civil actions
related to the Korean matter brought by third parties, including
the Company's customers, which may result in monetary judgments or
settlements, expenses associated with the Korean matter, ongoing or
increased hostilities in Israel
and the surrounding areas, and other risks detailed in the
Company's SEC reports, including the Company's Annual Report on
Form 20-F for the year ended December 31, 2015, and subsequent
SEC filings. As a result of all of the foregoing, the forward
looking events discussed in this press release might not occur and
our actual results may differ materially from those anticipated in
the forward looking statements. Accordingly, you should not unduly
rely on any forward looking statements. The Company assumes no
obligation to update the information in this press release to
reflect new information, future events or otherwise, except as
required by law. New factors emerge from time to time, and it is
not possible for us to predict all of these factors. Further, we
cannot assess the impact of each such factor on our business or the
extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in
any forward looking statement.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orbotech-ltd-announces-pricing-of-its-public-offering-of-ordinary-shares-300282967.html
SOURCE Orbotech Ltd.