Teledyne to place $125 million notes; Graybar Electric enters $100 million shelf agreement

By Lisa Kerner

Charlotte, N.C., Sept. 23 – Teledyne Technologies Inc. announced an agreement to privately place senior notes totaling $125 million with institutional investors.

The notes will be issued on Dec. 4 as $30 million of 2.61% notes due 2019 and $95 million of 3.09% notes due 2021.

Proceeds will be used for general corporate purposes including acquisitions and share repurchases, a company news release said.

The notes have a make-whole call at Treasuries plus 50 basis points, according to an 8-K filing with the Securities and Exchange Commission.

Teledyne is a Thousand Oaks, Calif.-based technology provider.

Graybar Electric Co., Inc. entered into an uncommitted $100 million private placement shelf agreement with Prudential Investment Management, Inc.

The facility is expected to allow Graybar to issue senior promissory notes to affiliates of Prudential at agreed-upon fixed-rate economic terms during a three-year issuance period ending in September 2017.

Graybar will select the term of each note, not to exceed 12 years, according to an 8-K filing with the SEC.

St. Louis-based Graybar distributes electrical, communications and data networking products and provides related supply chain management and logistics services.

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