Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed an 8-K on May 28, 2013, to report the termination of a material definitive agreement. Specifically, the company completed the full redemption of its outstanding $300 million principal amount of 5% Notes due October 1, 2015. This action was taken in accordance with the terms of the indenture governing these notes. The redemption was executed at a 'make-whole' redemption price, totaling $332,215,589.26, plus accrued interest. By depositing the necessary funds with the trustee, Harris Corporation has discharged all its obligations related to these notes, effectively terminating and canceling them. This event signifies a proactive financial management decision by the company, likely aimed at optimizing its debt structure or reducing interest expenses.
Key Highlights
- 1Harris Corporation redeemed its entire $300 million principal amount of 5% Notes due October 1, 2015.
- 2The redemption occurred on May 28, 2013.
- 3The company paid a 'make-whole' redemption price of $332,215,589.26, plus accrued interest.
- 4This action was taken in accordance with the terms of the governing indenture dated September 3, 2003.
- 5All obligations under the notes have been discharged, and the notes have been terminated and canceled.
- 6The filing is classified under Item 1.02 Termination of Material Definitive Agreement.