YAVNE, Israel, June 15, 2016 /PRNewswire/ -- ORBOTECH LTD. (the
"Company" or "Orbotech") (NASDAQ/GSM: ORBK) announced
today that it has completed its previously announced public
offering of 3,850,000 ordinary shares (the "Offering") at a
price of $26.25 per share. The
net proceeds from the Offering after offering expenses and
underwriting discounts and commissions were approximately
$100 million. The Company has also
granted the underwriter an option to purchase up to 385,000
additional ordinary shares.
As previously announced, the Company plans to use the net
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. acted as sole book-running manager of the
Offering, which was made under an effective shelf registration
statement.
The final prospectus supplement and accompanying base prospectus
relating to the Offering has been filed with the Securities and
Exchange Commission ("SEC") and is available at the SEC's
website at http://www.sec.gov. Copies of the final prospectus
supplement and accompanying base prospectus relating to 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-completes-public-offering-of-ordinary-shares-300285126.html
SOURCE Orbotech Ltd.