L3Harris Technologies to draw down $2.4 billion for Aerojet purchase

By Mary-Katherine Stinson

Lexington, Ky., July 27 – L3Harris Technologies will partially fund its acquisition of Aerojet Rocketdyne Holdings Inc. with a drawdown of $2.4 billion from its 364-day revolving credit facility, according to a 424B5 filed with the Securities and Exchange Commission.

On Dec. 17, 2022, L3Harris entered into the merger agreement to acquire Aerojet for $58 per share in an all-cash transaction totaling approximately $4.7 billion.

L3Harris will use cash on hand, plus the proceeds from a three-part note offering, to fund the remainder of the cash purchase price.

Closing is expected on or about July 28, subject to regulatory approvals and other customary conditions.

L3Harris is a Melbourne, Fla.-based aerospace and defense technology company. Aerojet is an El Segundo, Calif.-based aerospace and defense company.

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