Harris’ government IT services $350 million term loan may launch in March

By Sara Rosenberg

New York, Feb. 13 – Harris Corp.’s government IT services business plans on getting a new $350 million term loan to help fund its purchase by Veritas Capital Fund Management LLC, and currently it is contemplated that the loan may launch in March, according to a market source.

Macquarie Capital (USA) Inc. is the lead on the deal.

Other funds for the $690 million buyout will come from equity.

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

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

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