By Andrea Heisinger
New York, June 4 - Harris Corp. priced an upsized $350 million 6.375% 10-year notes Thursday to yield Treasuries plus 275 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size was increased from $300 million, a market source said.
The notes (Baa1/BBB+/) priced at 99.691 to yield 6.417% with a make-whole call at Treasuries plus 37.5 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc.
Co-managers were Banc of America Securities LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities Inc. and SunTrust Robinson Humphrey Inc.
Proceeds will be used to repay debt under a commercial paper program incurred in connection with the acquisition of Tyco Electronics Wireless Systems. Pending that use, they will be invested in interest-bearing instruments or investment-grade securities.
The communications and information technology company is based in Melbourne, Fla.
| Issuer: | Harris Corp.
|
| Issue: | Notes
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | June 15, 2019
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. Inc.
|
| Co-managers: | Banc of America Securities LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6.375%
|
| Price: | 99.691
|
| Yield: | 6.417%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole at Treasuries plus 37.5 bps
|
| Change-of-control put: | 101%
|
| Trade date: | June 4
|
| Settlement date: | June 9
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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