DOW JONES NEWSWIRES

L-3 Communications Holdings Inc. (LLL) announced plans to sell $750 million of notes in a private placement to qualified institutional investors.

Proceeds, along with cash on hand, will go to redeem $750 million of notes due in 2012 and repay a $650 million loan. As such, it also will replace its $1 billion credit line with a 3-year one of at least $750 million.

Many companies have been selling new debt and/or stock in recent months to pay off near-term borrowings. As of June 30, L-3 had $4.5 billion of long-term debt.

The aircraft-maintenance contractor has seen profit continue to rise amid consistent revenue gains. Shares closed Monday at $79.99 and were inactive premarket.

-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com