April 29, 2009 (FinancialWire) — Textron Inc. (NYSE: TXT) plans concurrent public offerings of $300 million of convertible senior notes due May 1, 2013 and 19 million shares of common stock.

Goldman, Sachs & Co. (NYSE: GS) and J.P. Morgan Securities (NYSE: JPM) are acting as joint book-running managers for the offerings.

In connection with this offering, Textron plans to grant the underwriters a 30-day option to purchase up to an additional $45 million principal amount of convertible senior notes. The company also plans to grant the underwriters a 30-day option to purchase an additional 2.85 million shares of common stock.

The closing of each offering is not contingent on the closing of the other.

Textron plans to use a portion of the net proceeds from the common stock offering, together with the proceeds of the warrant transactions, to pay the cost of the bond hedge transactions entered into in connection with the offering of the convertible senior notes.

It will use the remaining proceeds from the offerings to increase its liquidity and for general corporate purposes, including the repayment of consolidated debt.

Providence, Rhode Island-based Textron owns aircraft, defense, industrial and finance businesses. The company’s brands include Bell Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming, E-Z-Go, Greenlee, and Textron Systems.

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