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.