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Harris to Raise $125 Million

Harris to Raise $125 Million

Publicly traded Harris Corp., the parent of the broadcast business unit familiar to radio buyers, announced a private placement of $125 million of convertible debentures due 2022.
Harris intends to use the proceeds for working capital and “general corporate purposes including refinancing of existing indebtedness.”
The debentures will carry an initial annual interest rate of 3.5 percent. The rate will be reset within a specified range in 2007, 2012 and 2017. Harris has granted the initial purchasers of the debentures a 30-day option to purchase an additional $25 million of convertible debentures.