L-3 Announces Pricing of Senior Note Offering
November 29 2016 - 05:40PM
Business Wire
L-3 Communications Holdings, Inc. (NYSE:LLL) announced today
that L-3 Communications Corporation, its wholly owned subsidiary,
has priced an offering of $550 million in aggregate principal
amount of 10-year senior notes bearing interest at a fixed rate of
3.85% per year and maturing on December 15, 2026. The senior notes
are expected to settle on December 5, 2016, subject to customary
closing conditions. The senior notes are being offered in a
registered offering pursuant to Rule 415 under the Securities Act
of 1933, as amended (the “Securities Act”).
L-3 Communications intends to use the net proceeds from the
offering plus cash on hand to: (i) replenish the amount of cash
used, and the amount of revolving credit borrowings drawn, to repay
$200 million aggregate principal amount of 3.95% senior notes due
2016 that matured on November 15, 2016, and (ii) redeem all of its
outstanding 1.50% senior notes due 2017, which have an aggregate
principal amount of $350 million.
Merrill Lynch, Pierce, Fenner & Smith Incorporated; Barclays
Capital Inc.; Deutsche Bank Securities Inc.; MUFG Securities
Americas Inc.; Scotia Capital (USA) Inc.; SMBC Nikko Securities
America, Inc.; SunTrust Robinson Humphrey, Inc.; U.S. Bancorp
Investments, Inc.; and Wells Fargo Securities, LLC are acting as
joint book-running managers for this offering.
The senior notes will be unsecured senior obligations of L-3
Communications and will rank equally with all of its other
unsecured senior indebtedness. The senior notes are being offered
pursuant to L-3 Communications’ existing shelf registration
statement, which became automatically effective upon filing with
the Securities and Exchange Commission. A preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering have been filed with the Securities and Exchange
Commission. Copies of the preliminary prospectus supplement and
accompanying prospectus for the offering may be obtained from: (i)
Merrill Lynch, Pierce, Fenner & Smith Incorporated at
1-800-294-1322 or dg.prospectus_requests@baml.com, (ii) Barclays
Capital Inc. at 1-888-603-5847 or
barclaysprospectus@broadridge.com, or (iii) Deutsche Bank
Securities Inc. at 1-800-503-4611 or prospectus.CPDG@db.com.
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 offer, solicitation or sale would be unlawful.
Headquartered in New York City, L-3 employs approximately 38,000
people worldwide and is a leading provider of a broad range of
communication and electronic systems and products used on military
and commercial platforms. L-3 is also a prime contractor in
aerospace systems. The company reported 2015 sales of $10.5
billion.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995Except 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.
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