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Kratos Defense & Security Solutions plans to redeem 10% notes due 2017
New York, May 8 - Kratos Defense & Security Solutions, Inc. plans to redeem its 10% secured notes due 2017 using the proceeds of a new issue, according to an informed source.
The company plans to price $625 million of five-year first-lien senior secured notes (expected ratings B3/B) at a slight discount to yield in the 7¼% area.
The deal is set to price May 9.
SunTrust Robinson Humphrey Inc. is the lead bookrunner for the Rule 144A with registration rights offer.
Kratos is a San Diego-based high-tech defense contractor.
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