L-3 Communications Reports Senior Note Offering
LLL | Quote | Chart | News | PowerRating -- L-3 Communications Holdings announced that its subsidiary L-3 Communications intends to issue $750 million of senior notes in a private placement.
The notes will be offered within the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The notes will also be offered outside the United States to non-U.S. investors.
Subject to the successful consummation of this offering, L-3 stated that it intends to use the net proceeds from the offering and cash on hand to redeem the company's $750 million Senior Subordinated Notes due in June 2012 and to repay its $650 million outstanding term loan. In connection with the repayment of the term loan, the company plans to replace its $1.0 billion revolving credit facility with a new three-year revolving credit facility of at least $750 million.
The securities to be offered have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
Headquartered in New York City, L-3 Communications employs over 66,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a provider of high technology products, subsystems and systems.
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