L-3 Communications Corp. prices $1,000 million private placement of senior notes
LLL | Quote | Chart | News | PowerRating -- L-3 Communications Corporation, a wholly-owned subsidiary of L-3 Communications Holdings, Inc., has priced its offering of $1,000 million of 5.2% senior notes due October 15, 2019.
L-3 Communications Holdings is a US-based manufacturer of secure and specialized systems for satellite, avionics, and marine communications.
The notes are being offered within the US only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The size of the offering is increased from its originally planned $750 million offering.
Earlier on the same day, L-3 Communications Corporations Corp. is planning to raise $750 million of senior notes in a private placement transaction.
Deal Value (US$ Million) 1000
Deal Type Private Placement
Sub-Category None
Deal Status Announced: 2009-09-29
Deal Participants
Target (Company) L-3 Communications Corporation
Acquirer (Company) Undisclosed Investors
Deal Rationale
L-3 Communications intends to use the net proceeds from the offering and cash on hand to redeem its $750 million 7.62% senior subordinated notes due in 2012 and to repay its $650 million outstanding term loan.
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