Raytheon Co., the fourth-largest U.S.
military contractor, said it plans to repurchase as much as
$1.24 billion of notes as it continues to reduce debt from
acquisitions in the late 1990s.
The offer is for 6.3 percent notes due in 2005 and 8.2
percent notes due in 2006, Waltham, Massachusetts-based Raytheon
said in a statement distributed by PR Newswire.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Raytheon’s debt peaked at $13 billion in 1998 following more
than $12 billion of acquisitions in the previous two years,
including the defense businesses of Texas Instruments Inc. and
Hughes Electronics Corp in 1997. Raytheon, the maker of Stinger
and Tomahawk missiles, had $7.3 billion of debt as of Sept. 28,
according to a regulatory filing.
The company plans to finance the debt repurchase with cash
on hand, borrowings under credit facilities or the proceeds of a
debt sale.
Bloomberg News
