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Exelis Sets Spin-Off Date For Vectrus, Expects $120 Million Cash Back

Cal Biesecker By
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Exelis Sets Spin-Off Date For Vectrus, Expects $120 Million Cash Back

Exelis [XLS] on Monday said the planned spin-off of its Mission Systems business will occur on Sept. 27 with the new company set to begin trading on the New York Stock Exchange as Vectrus [VEC] on Sept. 29. Exelis said that Vectrus will incur about $140 million in debt financing as part of the spin-off, which will be used to fund an approximately $120 million cash distribution to Exelis. Exelis said it will be paid an additional sum following the…

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