Summary
This 8-K filing by Harris Corporation (now L3Harris Technologies) on May 27, 2015, reports the early redemption of its outstanding 5.95% Notes due 2017 and 6.375% Notes due 2019. The company exercised its option, announced on April 27, 2015, to redeem these notes in full, totaling $400 million for the 2017 notes and $350 million for the 2019 notes. The redemption was executed at a premium, including a make-whole provision, indicating the company likely sought to refinance or reduce its debt obligations. The total cost for redeeming the 2017 notes was approximately $459.8 million, and for the 2019 notes, approximately $425.0 million. This action effectively terminates and cancels these specific debt instruments.
Key Highlights
- 1Harris Corporation redeemed in full its $400 million aggregate principal amount of 5.95% Notes due 2017.
- 2Harris Corporation redeemed in full its $350 million aggregate principal amount of 6.375% Notes due 2019.
- 3The redemption occurred on May 27, 2015, with the company having announced its intention to redeem on April 27, 2015.
- 4The redemption involved a make-whole provision, resulting in amounts paid above the principal, reflecting early repayment costs.
- 5The 2017 Notes were redeemed for approximately $459.8 million (including make-whole premium).
- 6The 2019 Notes were redeemed for approximately $425.0 million (including make-whole premium).
- 7As a result of the redemption, both series of notes were terminated and cancelled.