KTOS - Kratos to redeem all outstanding $300M 6.5% senior secured notes

Kratos Defense & Security Solutions (NASDAQ:KTOS) said it will redeem all outstanding $300M 6.5% senior secured notes due Nov. 2025 on Mar. 14 for an amount equal to 103.25% of the principal amount thereof plus accrued and unpaid interest thereon to, but excluding, the redemption date. The redemption is subject to completion of the refinancing of its revolving credit facility. KTOS intends to replace 100% of the principal amount currently outstanding under its 6.5% senior notes through this refinancing process. “The offer to redeem the notes and replace these borrowings with traditional bank financing is expected to save Kratos ~$10M-13M in cash interest payments annually, based on current interest rates,” said Kratos CFO Deanna Lund.

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Kratos to redeem all outstanding $300M 6.5% senior secured notes