<SEC-DOCUMENT>0001193125-17-360236.txt : 20171204
<SEC-HEADER>0001193125-17-360236.hdr.sgml : 20171204
<ACCEPTANCE-DATETIME>20171204161555
ACCESSION NUMBER:		0001193125-17-360236
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171201
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171204
DATE AS OF CHANGE:		20171204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZEBRA TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0000877212
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560]
		IRS NUMBER:				362675536
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19406
		FILM NUMBER:		171237225

	BUSINESS ADDRESS:	
		STREET 1:		3 OVERLOOK POINT
		CITY:			LINCOLNSHIRE
		STATE:			IL
		ZIP:			60069
		BUSINESS PHONE:		847-634-6700

	MAIL ADDRESS:	
		STREET 1:		3 OVERLOOK POINT
		CITY:			LINCOLNSHIRE
		STATE:			IL
		ZIP:			60069

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZEBRA TECHNOLOGIES Corp
		DATE OF NAME CHANGE:	20090508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZEBRA TECHNOLOGIES CORP/DE
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d505270d8k.htm
<DESCRIPTION>8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): December&nbsp;1, 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ZEBRA TECHNOLOGIES CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">000-19406</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">36-2675536</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3 Overlook Point,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lincolnshire, Illinois</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>60069</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">847-634-6700</FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; <FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; <FONT
STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13c-4(c))</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;1, 2017, (1) Zebra Technologies International, LLC (&#147;ZTI&#148;) and Zebra Technologies RSC, LLC (&#147;ZTRSC&#148;), both of which are
wholly-owned subsidiaries of Zebra Technologies Corporation (the &#147;Company&#148;), entered into a Receivables Purchase Agreement (&#147;Purchase Agreement&#148;) pursuant to which ZTRSC will purchase certain receivables of ZTI (the
&#147;Receivables&#148;); and (2)&nbsp;ZTI, as originator and servicer of the Receivables, ZTRSC, as borrower, PNC Bank, National Association (&#147;PNC&#148;), as administrative agent, PNC Capital Markets LLC (&#147;PNCCM&#148;), as structuring
agent, and additional persons from time to time party thereto as lenders and group agents (&#147;Lenders&#148;) entered into a Receivables Financing Agreement (&#147;Financing Agreement&#148;) to finance ZTRSC&#146;s purchase of the Receivables from
ZTI under the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Financing Agreement and the Purchase Agreement establish a revolving U.S. trade receivables securitization facility
(the &#147;A/R Facility&#148;) that provides for up to $180&nbsp;million in funding based on the availability of eligible receivables and other customary factors, and the satisfaction of certain conditions. The A/R Facility has an initial scheduled
termination date of November&nbsp;29, 2019, unless earlier terminated in accordance with its terms, and may be extended by agreement of the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the A/R Facility, ZTI will sell or contribute certain of its U.S. trade receivables to ZTRSC. ZTRSC has pledged those trade receivables to PNC, as
administrative agent, for the benefit of the Lenders, to secure ZTRSC&#146;s obligations to repay advances that it obtains from the Lenders under the Financing Agreement. Substantially all of the net proceeds of the advances are expected to be
applied towards the purchase of trade receivables by ZTRSC from ZTI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The assets of ZTRSC are restricted collateral for the payment of its obligations
under the A/R Facility. ZTRSC&#146;s assets and credit are not available to satisfy the debts and obligations owed to the creditors of ZTI. ZTI is independently liable for its own customary representations, warranties, covenants and indemnities as
the originator and as the servicer of the receivables. The Company will include ZTRSC&#146;s assets, liabilities and results of operations in its consolidated financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Advances by any Lender under the A/R Facility will accrue interest at LIBOR, adjusted for changes in Eurocurrency reserve requirements, which is payable
monthly on the monthly settlement date. In addition, ZTRSC paid certain structuring fees to PNCCM and will pay other customary fees to the Lenders. ZTRSC may prepay any advances with two business days&#146; notice, and may also reduce the facility
limit or terminate the facility with 45 business days&#146; prior notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The A/R Facility contains various customary covenants and default and
termination provisions that provide for the acceleration of the advances under the A/R Facility in circumstances including, but not limited to, failure to pay interest or principal when due, breach of representation, warranty or covenant, certain
insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. The Company has guaranteed ZTI&#146;s performance of its obligations as servicer and originator under the A/R
Facility. If ZTI fails in any manner to perform its obligations under the A/R Facility, then the Company is required to perform (or cause to be performed) those obligations as required under the A/R Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the A/R Facility does not purport to be complete and is qualified in its entirety by reference to the full text of each of the
Purchase Agreement and Finance Agreement, copies of which will be filed with the Company&#146;s <FONT STYLE="white-space:nowrap">10-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.03 Creation of a Direct Financial Obligation or an Obligation under an <FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangement of
a Registrant. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure set forth above in Item 1.01 is incorporated by reference herein. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01 Regulation FD Disclosure. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;1, 2017, the Company provided a supplemental notice to holders of the satisfaction of certain conditions precedent to the redemption and the
redemption price for its previously announced redemption of outstanding 7.25% Senior Notes due 2022 in accordance with the terms of the indenture governing the notes. As previously announced, the Company elected to redeem $300,000,000 in principal
amount of the outstanding 7.25% Senior Notes due 2022 (the &#147;Redeemed Notes&#148;) on December&nbsp;4, 2017 (the &#147;Redemption Date&#148;), at the Optional Redemption Price for 2017 as defined in the indenture plus accrued and unpaid interest
to, but excluding, the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aggregate accrued and unpaid interest on the Redeemed Notes to, but excluding, the Redemption Date has been
calculated to be equal to $3,020,833. The aggregate redemption price to be paid on the Redeemed Notes is equal to $319,334,833 or $1,064.449444 per $1,000 principal amount of Redeemed Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As set forth in the previously issued notice of conditional redemption, dated November&nbsp;3, 2017, the redemption of the Redeemed Notes was made conditional
on the Company&#146;s receipt of proceeds from one or more new lower-cost financing transactions sufficient in the Company&#146;s sole discretion, to pay the redemption price and to effect the other transactions contemplated by such financing
transactions, including paying the related fees and expenses, on or prior to the Redemption Date (the &#147;Financing Condition&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Current
Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> does not constitute a notice of redemption under the indenture, nor an offer to tender for, or purchase, any of its 7.25% Senior Notes due 2022 or any other security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> contains forward-looking statements within the meaning of the federal securities laws.
Statements related to, among other things, the satisfaction of the Financing Condition and the completion of the partial redemption of the Redeemed Notes constitute forward-looking statements. For a description of factors that may cause Zebra&#146;s
actual results, performance or expectations to differ from any forward-looking statements, please review the information under the heading &#147;Risk Factors&#148; included in Item 1A of Zebra&#146;s 2016 Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> and other documents of Zebra&#146;s on file with or furnished to the Securities and Exchange Commission. Any forward-looking statements made in this press release are qualified by these cautionary statements,
and there can be no assurance that the actual results or developments anticipated by Zebra will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Zebra or its business or operations.
Except as required by law, Zebra undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual outcomes and results may
differ materially from what is expressed, implied or forecasted by Zebra&#146;s forward-looking statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Items. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company issued a press release on December&nbsp;4, 2017 announcing completion of the comprehensive debt restructuring. A copy of the press release is filed
as Exhibit 99.1 and incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. The following Exhibit is being furnished herewith: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top"><A HREF="d505270dex991.htm">Press release dated December&nbsp;4, 2017. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">ZEBRA TECHNOLOGIES CORPORATION</TD></TR>
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<TD VALIGN="top">Date: December&nbsp;4, 2017</TD>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">/s/ Jim L. Kaput</TD></TR>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Jim L. Kaput</TD></TR>
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<TD VALIGN="bottom">SVP, General Counsel and Corporate Secretary</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Zebra Technologies Completes Comprehensive Debt Restructuring </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Debt Restructuring Highlights: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Redeemed $1.05 Billion of 7.25% Senior Notes ($300 Million Dec. 4, $750 Million Aug. 7) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Implemented $180 Million Accounts Receivable Securitization Facility (Dec. 1) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Implemented $687.5 Million Senior Secured Term Loan A; Increased Revolving Credit Facility Capacity to $500 Million (July 26) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Repriced $1.4 Billion Term Loan B (July 26) </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Lincolnshire, Ill., Dec. 4, 2017</B> &#151; <U>Zebra
Technologies Corporation</U> (NASDAQ: ZBRA), the market leader in rugged mobile computers, barcode scanners and barcode printers enhanced with software and services to enable real-time enterprise visibility, announced that today it has completed the
comprehensive plan to restructure its debt, which was initiated in July 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today, the company redeemed the remaining $300&nbsp;million of its 7.25%
senior notes, maturing Oct. 2022 (notice was provided on November 3). On Aug. 7, the company had redeemed $750&nbsp;million of these senior notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
Dec. 1, the company closed on a new $180&nbsp;million accounts receivable securitization facility priced at approximately LIBOR + 0.83%, which will be recorded as debt on the company&#146;s consolidated balance sheet. It reflects the maximum loan
balance based on an advance rate calculation applied to the company&#146;s U.S. accounts receivable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;As planned, our comprehensive debt
restructuring has reduced our weighted average <FONT STYLE="white-space:nowrap">pre-tax</FONT> interest rate on approximately $2.5&nbsp;billion total debt outstanding by approximately 2 percentage points to below 4%, and drives more than
$45&nbsp;million of annualized interest savings,&#148; said Chief Financial Officer, Olivier Leonetti. &#147;The debt structure allows penalty-free principal prepayments as we continue to delever our balance sheet. Our profitable growth and strong
free cash flow profile provide us confidence in achieving our target <FONT STYLE="white-space:nowrap">net-debt</FONT> to adjusted EBITDA leverage ratio of fewer than 3 times by <FONT STYLE="white-space:nowrap">mid-2018.</FONT> For the full year
2017, we continue to expect to pay down at least $300&nbsp;million of our total debt outstanding.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously announced, on July&nbsp;26 the
company implemented a senior secured credit facility maturing July 2021, initially priced at LIBOR + 2.00%. This facility includes a $687.5&nbsp;million Term Loan A and a $500&nbsp;million revolving credit facility (increased from $250 million). On
that date, the company had also amended its $1.4&nbsp;billion Term Loan B facility maturing Oct. 2021, reducing the interest rate by 50 basis points to LIBOR + 2.00%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the debt restructuring plan, the company expects to incur a total of approximately $67&nbsp;million of redemption costs and transaction fees,
and approximately $17&nbsp;million of <FONT STYLE="white-space:nowrap">non-cash</FONT> accelerated amortization of debt issuance costs and discount in the second half of 2017.&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release contains
forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company&#146;s outlook and plans regarding debt restructuring and reduction. Actual results
may differ from those expressed or implied in the company&#146;s forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly
update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in
Zebra&#146;s industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra&#146;s hardware and software products and competitors&#146; product offerings,
and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the availability of credit and capital markets volatility may have adverse effects on Zebra, its suppliers and its customers. In
addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will
be affected by </P>

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Zebra&#146;s ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market conditions will also have an impact on results. Foreign exchange rates
will have an effect on financial results because of the large percentage of our international sales. The outcome of litigation in which Zebra may be involved is another factor. The success of integrating acquisitions could also affect profitability,
reported results and the company&#146;s competitive position in it industry. These and other factors could have an adverse effect on Zebra&#146;s sales, gross profit margins and results of operations and increase the volatility of our financial
results. When used in this release and documents referenced, the words &#147;plan,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;outlook,&#148; and &#147;expect&#148; and similar expressions, as they relate to the company or its
management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could affect the company&#146;s future operations
and results can be found in Zebra&#146;s filings with the Securities and Exchange Commission, including the company&#146;s most recent Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Zebra </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With the unparalleled operational visibility
Zebra (NASDAQ: ZBRA) provides, enterprises become as smart and connected as the world we live in. Real-time information &#150; gleaned from visionary solutions including hardware, software and services &#150; gives organizations the competitive edge
they need to simplify operations, know more about their businesses and customers, and empower their mobile workers to succeed in today&#146;s data-centric world. For more information, visit <U>www.zebra.com</U> or sign up for our <U>news alerts</U>.
Follow us on <U>LinkedIn</U>, <U>Twitter</U> and <U>Facebook</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts </B></P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investors:</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Media:</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Michael Steele, CFA, IRC</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Therese Van Ryne</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vice President, Investor Relations</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director, Global Public Relations</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phone: + 1 847 793 6707</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phone: + 1 847 370 2317</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>msteele@zebra.com</U></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>therese.vanryne@zebra.com</U></P></TD></TR>
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