Harris Corp. to redeem 3.5% convertible debentures

By Susanna Moon

Chicago, July 16 - Harris Corp. plans to retire its 3.5% convertible debentures due 2022, according to an 8-K filing with the Securities and Exchange Commission.

The company plans to redeem the debentures on Aug. 20 at par plus accrued interest.

Holders also may convert the debentures until Aug. 17 at a rate of 44.2404 shares per $1,000 principle amount, or for $22.60 per share. The stock (NYSE: HRS) closed at $57.40 per share on July 13.

Debentures not converted by Aug. 17 will be redeemed for cash on the redemption date.

As of July 12, the amount of outstanding debentures was $149 million.

The Melbourne, Fla.-based company provides voice, data and video communications equipment for wireless, broadcast, network support and government markets.

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