Textron plans $600 million two-part offering of notes due 2021, 2024

By Aleesia Forni

Virginia Beach, Jan. 23 - Textron Inc. intends to sell a $600 million two-part issue of notes in seven- and 10-year tranches, according to a syndicate source and a 424B3 filed with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Mitsubishi UFJ Securities (USA) Inc. are the joint bookrunners.

Proceeds will be used to finance a portion of the company's purchase of all outstanding equity interests in Beech Holdings LLC, the parent of Beechcraft Corp. If Textron does not complete the acquisition, proceeds will be used for general corporate purposes.

The multi-industry company has units including aircraft, defense and finance. It is based in Providence, R.I.

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