LEXINGTON, MASS. Raytheon Co. has announced plans to offer $650 million of equity units and 11 million shares of its widely traded Class B common stock.
The company said it plans to use proceeds from the transaction to reduce debt and for general corporate purposes. It expects to issue the securities next month.
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Raytheon said it will set the price of Class B common stock based on the average trading price of the stock at the time the contract is exercised. Each equity unit will consist of $50 in principal amount of a trust preferred security and a purchase contract for Class B shares.
The company’s shareholders may vote on a reclassification of Raytheon’s Class A and Class B stock today at the company’s annual meeting. Raytheon said it plans to make the stock offering with the new class of shares if the reclassification is approved.
