Summary
L3Harris Technologies, Inc. (LHX) filed an 8-K on March 31, 2020, to announce the commencement of exchange offers for its outstanding senior notes. These offers allow eligible holders to exchange existing notes for new notes that are registered under the Securities Act of 1933. This action is being taken to fulfill L3Harris' obligations under the registration rights agreement associated with the initial issuance of these notes, which were part of the financing in connection with the merger of L3 Technologies and Harris Corporation. This filing is primarily a procedural step to ensure compliance with securities regulations related to the previously issued debt. For investors holding these specific notes, this provides an opportunity to exchange them for registered securities, potentially enhancing liquidity and marketability. The exchange is being conducted on a principal-for-principal basis, meaning the face value of the notes remains the same. The detailed terms and conditions of the exchange offers are outlined in the accompanying prospectus.
Key Highlights
- 1L3Harris commenced offers to exchange its outstanding senior notes due 2021, 2023, 2024, 2026, and 2028.
- 2The exchange offers are for eligible holders to swap existing notes for an equal principal amount of new, registered notes.
- 3The purpose of the exchange is to comply with registration rights agreements related to prior note issuances.
- 4The original notes were issued in connection with the combination of L3 Technologies and Harris Corporation.
- 5The exchange is being conducted on a principal-for-principal basis.
- 6A prospectus dated March 31, 2020, contains the full terms and conditions of the exchange offers.