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L-3 Initiates Partial Redemption of its Outstanding 63/8% Senior Subordinated Notes Due in 2015

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 Notes.

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 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 statements.

Source: L-3 Communications Holdings, Inc.

L-3 Communications
Corporate Communications