By Cristal Cody
Tupelo, Miss., Nov. 1 – Harris Corp. sold $250 million of senior floating-rate notes due April 30, 2020 (Baa3/BBB-/BBB-) at par to yield Libor plus 48 basis points on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC was the bookrunner.
Proceeds will be used with cash on hand to repay in full the approximately $250 million in remaining debt under the five-year tranche of the company’s $1.3 billion senior term loan.
The communications and information company is based in Melbourne, Fla.
| Issuer: | Harris Corp.
|
| Amount: | $250 million
|
| Description: | Senior floating-rate notes
|
| Maturity: | April 30, 2020
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Coupon: | Libor plus 48 bps
|
| Price: | Par
|
| Yield: | Libor plus 48 bps
|
| Call features: | Non-callable
|
| Trade date: | Nov. 1
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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