Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed an 8-K on September 18, 2005, reporting two key events. Firstly, on September 15, 2005, the company entered into an Underwriting Agreement for the offering and sale of $300 million of 5% Notes due 2015. This debt issuance is intended to raise capital and will be conducted under an existing shelf registration statement, with the closing expected shortly after the filing. Secondly, the company also reported a non-material amendment to its Arrangement Agreement with Leitch Technology Corporation, dated August 31, 2005. This amendment, entered into on September 12, 2005, addresses the mechanics for paying outstanding options related to the acquisition of Leitch by Harris. These events indicate active capital management and progress on a significant acquisition.
Key Highlights
- 1Harris Corporation is issuing $300 million in 5% Notes due 2015.
- 2The notes offering is being underwritten by Morgan Stanley & Co. Incorporated and Banc of America Securities LLC.
- 3The offering is being made under an existing shelf registration statement (Form S-3).
- 4Closing for the note issuance is expected on September 20, 2005.
- 5A non-material amendment was made to the Arrangement Agreement with Leitch Technology Corporation.
- 6The amendment to the Leitch agreement relates to the payment for outstanding options upon acquisition closing.
- 7The company also issued a press release on September 15, 2005, announcing the intention to offer the notes.