By Lisa Kerner
Charlotte, N.C., Sept. 16 - Teledyne Technologies Inc. issued and sold $250 million principal amount of senior unsecured notes to institutional investors in a private placement on Wednesday under a May 12 note purchase agreement, according to a form 8-K filed with the Securities and Exchange Commission.
The notes consisted of:
• $75 million of 4.04% notes due Sept. 15, 2015;
• $100 million of 4.74% notes due Sept. 15, 2017; and
• $75 million of 5.3% notes due Sept. 15, 2020.
The interest rates for the notes were determined on April 14, the filing said.
The company may prepay some or all of the notes at any time or from time to time under the purchase agreement.
As previously reported, proceeds will be used to pay down amounts outstanding under the company's existing revolving credit facility and for general corporate purposes, including acquisitions.
Purchasers included Metropolitan Life Insurance Co., General American Life Insurance Co., ING USA Annuity and Life Insurance Co., New York Life Insurance and Annuity Corp., Prudential Insurance Co. of America, Great-West Life & Annuity Insurance Co. and Massachusetts Mutual Life Insurance Co.
Teledyne, based in Thousand Oaks, Calif., provides electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines and energy and power generation systems.
| Issuer: | Teledyne Technologies Inc.
|
| Issue: | Senior unsecured notes
|
| Total amount: | $250 million
|
| Call option: | At any time
|
| Pricing date | May 12
|
| Settlement: | Sept. 15
|
| Distribution: | Private placement
|
|
|
| Five-year notes
|
| Amount: | $75 million
|
| Maturity: | Sept. 15, 2015
|
| Coupon: | 4.04%
|
|
|
| Seven-year notes
|
| Amount: | $100 million
|
| Maturity: | Sept. 15, 2017
|
| Coupon: | 4.74%
|
|
|
| 10-year notes
|
| Amount: | $75 million
|
| Maturity: | Sept. 15, 2020
|
| Coupon: | 5.3%
|
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