Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed an 8-K on June 10, 2009, reporting the successful closing of a $350 million issuance of 6.375% senior notes due 2019 on June 9, 2009. The net proceeds of approximately $345.9 million are intended to support the company's general corporate purposes. This debt offering was conducted under a previously filed automatic shelf registration statement. This filing signifies Harris Corporation's proactive capital management. The terms of the notes include semi-annual interest payments and a maturity date in 2019. Notably, the notes include provisions for redemption at a "make whole" price and a mandatory repurchase offer under specific change of control and below investment grade rating event conditions, offering certain protections to noteholders.
Key Highlights
- 1Harris Corporation completed the issuance and sale of $350 million in 6.375% Notes due 2019.
- 2The transaction closed on June 9, 2009, with net proceeds of approximately $345.9 million.
- 3The net proceeds are intended for general corporate purposes.
- 4The notes bear interest at 6.375% per annum, payable semi-annually on June 15 and December 15.
- 5The maturity date for these notes is June 15, 2019.
- 6The notes are subject to redemption at a "make whole" price and a mandatory repurchase upon a change of control combined with a below investment grade rating event.