Kratos sets Thursday afternoon investor call for $675 million second-lien notes offering

By Paul A. Harris

Portland, Ore., Nov. 20 - Kratos Defense & Security Solutions, Inc. will participate in a conference call with investors at 12:30 p.m. ET on Thursday to discuss its proposed $675 million offering of senior secured second-lien notes due 2020 (expected ratings B3/B), according to an informed source.

The Rule 144A and Regulation S with registration rights deal is set to price on Friday afternoon.

Wells Fargo Securities LLC is the left bookrunner. SunTrust Robinson Humphrey Inc. is the joint bookrunner.

The notes become callable after three years at par plus 75% of the coupon.

The San Diego-based high-tech defense contractor plans to use the proceeds to fund the repayment of some existing debt, including the repurchase of its 10% senior notes.

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