8-KOther Events

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (Sep 20, 2005)

Filed September 20, 2005For Securities:LHX

Summary

On September 20, 2005, Harris Corporation (now L3Harris Technologies, Inc.) reported the closing of its $300 million issuance of 5% Notes due 2015. The company raised approximately $296.175 million in net proceeds from this debt offering, which was conducted under a previously filed shelf registration statement. These funds are earmarked for general corporate purposes. Notably, a significant portion of these proceeds is intended to finance Harris Corporation's proposed acquisition of Leitch Technology Corporation. This issuance of long-term debt indicates strategic financial maneuvering by Harris Corporation to fund its growth initiatives and strategic acquisitions, which is a key consideration for investors evaluating the company's financial health and future prospects.

Key Highlights

  • 1Harris Corporation closed on the issuance and sale of $300,000,000 aggregate principal amount of 5% Notes due 2015.
  • 2The net proceeds from the offering are approximately $296,175,000, before offering expenses.
  • 3The notes were sold under an Underwriting Agreement with Morgan Stanley & Co. Incorporated and Banc of America Securities LLC.
  • 4The issuance was registered under the Securities Act of 1933 via a shelf Registration Statement on Form S-3.
  • 5Proceeds are designated for general corporate purposes.
  • 6A significant portion of the proceeds is intended for the proposed acquisition of Leitch Technology Corporation.

Frequently Asked Questions

This 8-K filing reports on the closing of Harris Corporation's issuance and sale of $300 million in 5% Notes due 2015, and details the intended use of the proceeds.

Harris Corporation raised approximately $296.175 million in net proceeds from the sale of the notes. These funds are for general corporate purposes, including financing the proposed acquisition of Leitch Technology Corporation.

The 5% Notes due 2015 represent a new tranche of debt financing for Harris Corporation. The 5% interest rate indicates the cost of this long-term debt, and the maturity date of 2015 provides a timeframe for repayment. Investors should note this as part of the company's capital structure and debt obligations.

A significant portion of the proceeds from the $300 million note issuance is earmarked to fund the proposed acquisition of Leitch Technology Corporation. This indicates that the debt financing is a key component of Harris Corporation's strategy to acquire Leitch.