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Zebra Tech talks $1.25 billion eight-year notes to yield 7¼%-7½%, adds registration rights
By Paul A. Harris
Portland, Ore., Sept. 29 – Zebra Technologies Corp. talked a $1.25 billion offering of eight-year senior notes (B2/B) to yield 7¼% to 7½%, according to a syndicate source.
In addition to setting talk the company added registration rights to the deal, making it a Rule 144A with registration rights offering; it had previously been in the market as a Rule 144A for life offering.
Books close at 2 p.m. ET on Tuesday.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners. Deutsche Bank Securities Inc., HSCB, RBS Securities Inc., MUFG and PNC Capital Markets are the co-managers.
The notes come with three years of call protection.
The Lincolnshire, Ill.-based printing technologies company plans to use the proceeds, together with a new term loan and cash on hand, to help fund the acquisition of Motorola Solutions, Inc.’s enterprise business.
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