Summary
L3Harris Technologies, Inc. (then Harris Corporation) announced on August 26, 2002, the successful completion of a private placement for $150 million in 3.5% Convertible Debentures due 2022. This offering was conducted under Rule 144A for qualified institutional buyers and pursuant to Regulation S for sales outside the United States, indicating a strategic move to access capital from sophisticated investors. The issuance of these convertible debentures represents a significant financing event for the company, providing it with capital that can be used for various corporate purposes. The terms of the debentures, including their conversion features and interest rate, will be important for investors to understand the potential impact on future equity dilution and the cost of debt. The filing also details the key agreements entered into, including the Indenture with The Bank of New York as Trustee, and the Purchase and Registration Rights Agreements with several financial institutions, underscoring the structured nature of this private placement.
Key Highlights
- 1Completion of a $150 million private placement of 3.5% Convertible Debentures due 2022.
- 2Debentures were sold to qualified institutional buyers under Rule 144A and to investors outside the U.S. under Regulation S.
- 3The offering provides L3Harris with new capital for corporate use.
- 4Key agreements associated with the debenture sale include an Indenture, a Registration Rights Agreement, and a Purchase Agreement.
- 5The Bank of New York serves as the Trustee for the debentures.
- 6Several prominent financial institutions acted as underwriters or placement agents in the transaction.