Summary
This 8-K filing from L3Harris Technologies (then Harris Corporation) on June 13, 2019, announces the results of an early participation in its previously announced debt exchange offers. Harris solicited eligible holders to exchange existing L3 Technologies, Inc. senior notes for new notes issued by Harris and/or cash. The exchange offers covered several tranches of L3 notes maturing between 2021 and 2028. This action is a direct consequence of the impending merger between L3 Technologies and Harris Corporation, which was a significant event for the combined entity, creating a new defense technology powerhouse.
Key Highlights
- 1Announcement of early participation results for a debt exchange offer.
- 2L3 Technologies' existing senior notes due 2021, 2023, 2024, 2026, and 2028 were part of the exchange.
- 3New notes to be issued by Harris Corporation, with an aggregate principal amount of up to $3.35 billion.
- 4The exchange offer also included an option to receive cash in addition to new notes.
- 5This initiative is directly related to the pending merger between L3 Technologies and Harris Corporation, aiming to consolidate and refinance debt.
- 6The press release attached as Exhibit 99.1 contains further details on the offer terms and results.
Frequently Asked Questions
The primary purpose was to consolidate and refinance the debt of the two companies in anticipation of their merger. By exchanging existing L3 Technologies notes for new notes from Harris Corporation, the combined entity aimed to simplify its capital structure and potentially achieve more favorable financing terms.
The exchange offer covered all outstanding 4.950% Senior Notes due 2021, 3.850% Senior Notes due 2023, 3.950% Senior Notes due 2024, 3.850% Senior Notes due 2026, and 4.400% Senior Notes due 2028 originally issued by L3 Technologies, Inc.
Eligible holders had the option to receive up to $3.35 billion in aggregate principal amount of new notes issued by Harris Corporation, and/or cash, in exchange for their L3 Technologies notes.
This debt exchange was a preparatory step for the merger between L3 Technologies and Harris Corporation. It aimed to streamline the debt profile of the combined company, L3Harris Technologies, before or shortly after the merger's completion, creating a unified financial structure.