DRS Technologies to price $575 million two-part offering

By Paul A. Harris

St. Louis, Jan. 13 - DRS Technologies Inc. is expected to price a $575 million two-part offering of notes late in the week of Jan. 16, according to an informed source.

Bear Stearns & Co. has the books for the registered offering. Wachovia Securities is the joint lead manager. Merrill Lynch, Banc of America Securities, CIBC World Markets, Jefferies and Ryan Beck & Co. are the co-managers.

The company is offering a $325 million tranche of 10-year senior notes and a $250 million tranche of 12-year senior subordinated notes.

Both tranches will come with five years of call protection.

Proceeds will be used to help fund the acquisition of Engineered Support Systems Inc., a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services.

DRS Technologies is a Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.