L3Harris gives results of exchange offer for L3 Technologies notes

By Angela McDaniels

Tacoma, Wash., July 1 – L3Harris Technologies, Inc., formerly Harris Corp., announced the results of its offer to exchange any and all of the outstanding senior notes issued by L3 Technologies, Inc. for new senior notes issued by L3Harris and cash.

According to a Monday news release, holders tendered

• $500,875,000, or 77.06%, of the $650 million of 4.95% senior notes due Feb. 15, 2021;

• $740,887,000, or 92.61%, of the $800 million of 3.85% senior notes due June 15, 2023;

• $326,538,000, or 93.3%, of the $350 million of 3.95% senior notes due May 28, 2024;

• $534,794,000, or 97.24%, of the $550 million of 3.85% senior notes due Dec. 15, 2026; and

• $918 million, or 91.8%, of the $1 billion of 4.4% senior notes due June 15, 2028.

These results are up slightly from the notes tendered by the early tender deadline, 5 p.m. ET on June 12. As of that time, holders had tendered $500,875,000 of 4.95% notes, $740,427,000 of 3.85% notes due 2023, $326,286,000 of 3.95% notes, $534,258,000 of 3.85% notes due 2026 and $917,856,000 of 4.4% notes.

The exchange offer expired at 12:01 a.m. ET on July 1. Settlement is expected to occur July 2.

As previously reported, the exchange offer was being made in anticipation of the combination of the two companies.

For each $1,000 principal amount of L3 notes tendered by the early tender date, Harris offered $1,000 principal amount of new senior notes with an identical coupon and maturity date issued by L3Harris and $1.00 in cash.

Holders who tendered their notes after the early tender date will receive $970 of new notes plus $1.00 in cash.

In conjunction with the exchange offers, L3 solicited consents to adopt certain proposed amendments to each of the indentures governing its existing notes to eliminate certain covenants, restrictive provisions, events of default and subsidiary guarantee provisions.

The company has received the requisite number of consents to adopt the indenture amendments.

Each exchange offer and consent solicitation is conditioned upon the completion of the other exchange offers and consent solicitations, although Harris may waive that condition at any time.

D.F. King & Co., Inc. (866 304-5477, 212 269-5550 or harris@dfking.com) was the exchange agent and information agent.

L3Harris is an aerospace and defense technology company based in Melbourne, Fla.

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