Out with the old, in with the new.
With its bankruptcy filing and the sale of its U.S. broker-dealer and investment bank operations to Barclays Plc, storied investment bank Lehman Brothers Holdings Inc.’s ceased to exist on Monday as an independent company. The end of Lehman will result in many things, of course, but one of those things is Lehman’s disappearance from the Standard & Poor’s 500 Index of U.S. stocks.
On Friday, S&P replaced Lehman Brothers with Harris Corp. of Melbourne, Fla. Many mutual funds and other money managers will now be required to buy stock in Harris Corp., if their funds are tied to the S&P 500, according to the Associated Press.
Harris just obtained a $750 million, five-year revolving credit facility from a group of lenders. SunTrust Bank served as administrative agent on the transaction. King & Spalding partner Carolyn Alford and associate Jenny Miller, both in Atlanta, advised SunTrust.
Harris is a defense contractor that makes microwave and satellite network transmission equipment, handheld radios, air traffic control systems and other types of communications products.