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Motorola Solutions calls $400 million 6% senior notes due 2017
By Susanna Moon
Chicago, Aug. 12 – Motorola Solutions, Inc. said it issued a call to redeem its $400 million outstanding 6% senior notes due Nov. 15, 2017.
The notes will be redeemed on Sept. 11.
Pricing will be set at 5 p.m. ET on Sept. 8 using the yield to maturity of the 4.25% Treasury securities due Nov. 15, 2017 plus a fixed spread of 30 basis points.
The company also will pay accrued interest up to but excluding the redemption date.
Funding for the redemption will come from the issue of the company’s $1.4 billion principal amount of 3.5% senior notes due 2021, 4% senior notes due 2024 and 5.5% senior notes due 2044 that priced Tuesday, according to a company press release.
Bank of New York Mellon Trust Co., NA (800 254-2826) is the trustee for the 6% notes.
Motorola is a communications technology company based in Schaumburg, Ill.
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