New Issue: Harris prices $850 million 4.4% 10-year notes to yield Treasuries plus 140 bps

By Cristal Cody

Tupelo, Miss., May 23 – Harris Corp. priced $850 million of 4.4% 10-year senior notes (Baa3/BBB-/BBB) at a 140 basis points spread over Treasuries on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.99 to yield 4.401%.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to redeem in full $400 million of outstanding 4.4% notes due December 2020 and $400 million of 5.55% notes due October 2021.

The communications and information company is based in Melbourne, Fla.

Issuer:	Harris Corp.
Amount:	$850 million
Description:	Senior notes
Maturity:	June 15, 2028
Bookrunners:	Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc.
Co-managers:	TD Securities (USA) LLC and Williams Capital Group, LP
Coupon:	4.4%
Price:	99.99
Yield:	4.401%
Spread:	Treasuries plus 140 bps
Call features:	Make-whole call before March 15, 2028 at price equal to greater of par and Treasuries plus 25 bps; thereafter at par
Trade date:	May 23
Settlement date:	June 4
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB
Distribution:	SEC registered

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