Summary
This 8-K filing by L3HARRIS TECHNOLOGIES, INC. /DE/ (formerly Harris Corporation) on November 9, 2017, announces the closure of a debt offering and the subsequent use of those proceeds. Specifically, the company successfully issued and sold $250 million in Floating Rate Notes due April 2020. These notes carry a floating interest rate tied to three-month LIBOR plus a spread of 0.480%, resetting quarterly. The net proceeds generated from this offering were strategically used, along with existing cash, to fully repay approximately $250 million of outstanding indebtedness under its senior unsecured term loan facility. This move indicates a proactive approach to debt management and capital structure optimization by the company.
Key Highlights
- 1L3HARRIS TECHNOLOGIES, INC. (Harris Corporation) closed a $250 million offering of Floating Rate Notes due April 2020.
- 2The Notes bear interest at a floating rate of three-month LIBOR plus 0.480%, resetting quarterly.
- 3Proceeds were used to fully repay approximately $250 million of outstanding indebtedness under its senior unsecured term loan facility.
- 4This transaction reflects active debt management and potential refinancing efforts.
- 5The offering was conducted under the company's existing shelf registration statement.
- 6Key documents related to the offering, including the underwriting agreement and form of note, are filed as exhibits.