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L-3 Announces Pricing of Senior Note Offering

Companies mentioned in this article: L-3 Communications

NEW YORK -- (BUSINESS WIRE) -- L-3 Communications (NYSE:LLL) announced today that L-3 Communications Corporation (“L-3 Communications”), its wholly owned subsidiary, has priced an offering of $1 billion in aggregate principal amount of senior notes. The senior notes are being issued in two tranches – $350 million of three-year senior notes bearing interest at a fixed rate of 1.50% per year and maturing on May 28, 2017, and $650 million of 10-year senior notes bearing interest at a fixed rate of 3.95% per year and maturing on May 28, 2024. The senior notes are expected to settle on May 28, 2014, 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 a portion of the net proceeds from the offering to fund the conversion payment obligation and/or the redemption price of the company’s 3.00% Convertible Contingent Debt Securities due August 1, 2035. The remaining net proceeds will be used for general corporate purposes.

Merrill Lynch, Pierce, Fenner & Smith Incorporated; Barclays Capital Inc.; SunTrust Robinson Humphrey, Inc.; Deutsche Bank Securities Inc.; Mitsubishi UFJ Securities (USA), Inc.; Scotia Capital (USA) 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) SunTrust Robinson Humphrey, Inc. at 1-800-685-4786.

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 48,000 people worldwide and is a prime contractor in aerospace systems and national security solutions. L-3 is also a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. The company reported 2013 sales of $12.6 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. Information on, or accessible through, L-3’s website is not a part of, and is not incorporated into, this release.

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.


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