Kratos Defense to repurchase $175 million-$200 million 7% notes at par

By Susanna Moon

Chicago, June 1 – Kratos Defense & Security Solutions, Inc. said it plans to repurchase about $175 million to $200 million of its 7% senior secured notes at par.

Kratos will begin the repurchase “once all requisite requirements have been met in accordance with the notes indenture agreement,” according to a company notice.

The company said it entered into a definitive agreement to sell the U.S. and U.K. operations of its electronic products division to Ultra Electronics Holdings plc for $260 million in cash to be paid at closing and the reimbursement of up to $5 million for taxes incurred as part of the transaction, for a total of $265 million total gross cash proceeds.

Kratos is a national security solutions provider based in San Diego.

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