Litton Industries Inc, Beverly Hills defense electronics company raised $400m before expenses in a two-part issue of debentures. The first tranche was $300m of 7.75% debentures due March 15 2006, priced at $99.571% to yield 7.787%; the second tranche was $100m of 6.98% debentures due March 15 2036, and puttable on March 15 2006, at par. Lead underwriter for the deal was Goldman, Sachs & Co.
Individual Inc, Burlington, Massachusetts, announced last Friday an initial public offering of 2.5m shares at $14 a share, 2.3m of which are being sold by the company and 200,000 by stockholders. Underwriters are Robertson, Stephens & Co LLC, Hambrecht and Quist LLC and Oppenheimer & Co Inc. Proceeds will go towards paying off principal and interest on the company’s senior subordinated notes and for general corporate purposes. Individual provide customized information services.
