Harris’ government IT services plans new debt for buyout by Veritas

By Sara Rosenberg

New York, Feb. 1 – Harris Corp.’s government IT services business received a commitment for new debt financing to help fund its purchase by Veritas Capital Fund Management, LLC for $690 million in cash, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Macquarie Capital (USA) Inc. provided the debt commitment.

Other funds for the transaction will come from equity.

Closing is expected in the second quarter, subject to regulatory review and other customary conditions.

Harris is a Melbourne, Fla.-based provider of communications, engineering and IT solutions for intelligence, defense and federal civilian customers. The government IT services business is in Herndon, Va.

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