NEW YORK--(BUSINESS WIRE)--Nov. 22, 2011--
L-3 Communications Holdings, Inc. (NYSE: LLL) announced today that L-3
Communications Corporation, its wholly owned subsidiary, has initiated a
redemption of $500,000,000 aggregate principal amount of its 6⅜% Senior
Subordinated Notes due in 2015 (the “Notes”). Following the partial
redemption of the Notes, $500,000,000 aggregate principal amount of the
Notes will remain outstanding.
The Notes will be redeemed on December 22, 2011 (the “Redemption Date”),
at a redemption price of 102.125% of the principal amount thereof, plus
accrued and unpaid interest, to but not including the Redemption Date.
On or before December 22, 2011, the Notes should be presented to The
Bank of New York Mellon, as paying agent for the redemption, at the
address set forth in the Notice of Redemption for the Notes. The Notice
of Redemption for the Notes was sent to all registered holders on
November 22, 2011. Interest on the Notes will cease to accrue on and
after the Redemption Date and the only remaining right of holders of the
Notes is to receive payment of the redemption price upon surrender to
the paying agent, plus accrued and unpaid interest, to but not including
the Redemption Date.
In connection with the redemption of the Notes, the company will record
a debt retirement charge of approximately $17 million ($10 million after
income taxes, or $0.10 per diluted share) in the fourth quarter of 2011.
This debt retirement charge was not included in the company’s 2011
Financial Guidance issued on October 27, 2011.
This press release shall not constitute a notice of redemption of the
Headquartered in New York City, L-3 Communications employs approximately
61,000 people worldwide and is a prime contractor in C3ISR
(Command, Control, Communications, Intelligence, Surveillance and
Reconnaissance) systems, aircraft modernization and maintenance, and
government services. L-3 is also a leading provider of a broad range of
electronic systems used on military and commercial platforms. The
company reported 2010 sales of $15.7 billion.
To learn more about L-3, please visit the company's website at www.L-3com.com.
L-3 uses its website as a channel of distribution of material company
information. Financial and other material information regarding L-3 is
routinely posted on the company’s website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
Except for historical information contained herein, the matters set
forth in this news release are forward-looking statements. Statements
that are predictive in nature, that depend upon or refer to events or
conditions or that include words such as "expects," "anticipates,"
“intends," "plans," "believes," "estimates," “will,” "could" and similar
expressions are forward-looking statements. The forward-looking
statements set forth above involve a number of risks and uncertainties
that could cause actual results to differ materially from any such
statement, including the risks and uncertainties discussed in the
company's Safe Harbor Compliance Statement for Forward-Looking
Statements included in the company's recent filings, including Forms
10-K and 10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
Source: L-3 Communications Holdings, Inc.