The required waiting period for Teledyne Technologies’ (NYSE: TDY) proposed acquisition of imaging sensors developer FLIR Systems (NYSE: FLIR) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on March 1.
Teledyne said Tuesday it signed a term loan credit agreement worth $1 billion and moved to amend and restate another credit deal valued at $1.15 billion.
Both credit agreements will mature on March 4, 2026.
The company also priced an offering of five series of notes for an aggregate principal amount of $3 billion. The notes offering is expected to close on March 22.
An offering of $300 million of 0.650 percent notes will be due 2023 and an offering of $450 million of 0.950 percent notes will be due 2024. Teledyne will issue $450 million of 1.600 percent notes due 2026, $700 million of 2.250 percent notes due 2028 and 2.750 percent notes for an aggregate principal amount of $1.1 billion due 2031.
BofA Securities, J.P. Morgan Securities and U.S. Bancorp Investments act as the joint bookrunning managers for the notes offering. McGuireWoods serves as Teledyne’s legal counsel and Davis Polk & Wardwell is legal adviser to the joint bookrunning managers for the offering.
Teledyne said it will use its cash on hand and proceeds from the term loan and notes offering to fund the acquisition and refinance existing debt.
In January, Teledyne struck a cash-and-stock deal worth $8 billion for FLIR Systems. The transaction is expected to conclude by mid-2021.
