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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Motorola Solutions Inc | NYSE:MSI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
17.46 | 5.19% | 353.70 | 356.17 | 347.395 | 352.60 | 1,151,474 | 01:00:00 |
By Chris Wack
Motorola Solutions (MSI) and Silver Lake said Thursday they will extend their strategic partnership, with Silver Lake making a new $1 billion investment in Motorola Solutions, and settling its outstanding $800 million aggregate principal investment one year ahead of its maturity.
The companies said Egon Durban and Greg Mondre, managing partners and managing directors of Silver Lake, will remain on the Motorola Solutions board.
Under the terms of the new agreement, Silver Lake will buy $1 billion of 1.75% convertible senior unsecured notes due 2024 using capital from a more recent fund to extend Silver Lake's commitment and enable a longer hold period.
The notes will have an initial conversion price of $203.50 a share, and will mature in September 2024 unless earlier repurchased, redeemed or converted.
The companies also said they will settle outstanding $800 million in principal amount of 2.00% convertible senior unsecured notes due 2020. Motorola Solutions will pay Silver Lake $1.1 billion in cash and issue about 5.5 million shares.
Motorola Solutions said Thursday an underwritten public offering of 5.5 million shares was being offered by entities affiliated with Silver Lake to Morgan Stanley as sole underwriter of the offering.
The offering is expected to close Sept. 9, and the selling security holders will receive all of the proceeds from the offering. Motorola Solutions isn't selling any shares and won't receive any proceeds from the offering.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 05, 2019 09:44 ET (13:44 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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