L-3 Communications Holdings to redeem $800 million of senior notes
By APFriday, May 21, 2010
L-3 Communications to redeem senior debt
NEW YORK — Military contractor L-3 Communications Holdings Inc. said Friday it is redeeming senior notes valued at a total of $800 million and writing down a related $18 million in charges.
The company said it will redeem outstanding $400 million 6.125 percent senior subordinated notes due in 2014 and outstanding $400 million 6.125 percent senior subordinated notes due in 2013.
L-3 said the 2014 notes will be redeemed on June 21, for 102.042 percent of the principal amount, plus unpaid interest.
The 2013 notes will be redeemed on July 15, for 101.021 percent of the principal amount, plus unpaid interest.
The company said it would write down a $13 million debt retirement charge in the current second quarter, and a $5 million charge in the third quarter.
Shares of L-3 added $1.05 to close at $83.67 Friday.
