By Susanna Moon
Chicago, Sept. 5 – Lockheed Martin Corp. said investors had tendered for exchange $1,357,973,000 of seven series of notes in the offer that ended at midnight ET at the end of the day on Sept. 1.
As announced Aug. 7, the company was offering to exchange any and all of seven series of its debt securities for new 4.099% notes due 2052 and an additional cash amount in some cases until midnight ET at the end of Sept. 1.
Lockheed Martin expects to issue $1.58 billion principal amount of new notes and also pay about $15.9 million in cash in exchange for tendered notes, plus accrued interest, according to a Tuesday update by the company.
Lockheed Martin said on Aug. 21 that it expected to issue about $1.58 billion of the new notes as of the early deadline at 5 p.m. ET on Aug. 18 in exchange for $1,356,388,000 of tendered notes.
The tender breakdown is as follows, with the total exchange values listed per $1,000 principal amount of notes tendered for exchange:
• $11,701,000 of its $194,791,000 8.5% debentures due Dec. 1, 2029 for $1,196.86 principal amount of new notes and $310 in cash;
• $7 million of its $39,001,000 7.2% debentures due May 1, 2036 for $1,342.97 principal amount of new notes and $110 in cash;
• $98,688,000 of its $652,491,000 6.15% notes due Sept. 1, 2036 for $1,217.38 principal amount of new notes and $100 in cash;
• $121,792,000 of its $318,158,000 5.5% notes due Nov. 15, 2039 for $1,246.35 principal amount of new notes;
• $83,867,000 of its $434,765,000 5.72% notes June 1, 2040 for $1,254.43 principal amount of new notes and $20 in cash;
• $361,357,000 of its $600 million 4.85% notes due Sept. 15, 2041 for $1,157.53 principal amount of new notes; and
• $673,568,000 of its $2 billion 4.7% notes due May 15, 2046 for $1,128.62 principal amount of new notes.
The total amount includes an early participation premium of $30.00 principal amount of new notes tendered by the early deadline.
The exchange is contingent on the company issuing at least $300 million of new notes in the offer.
Lockheed Martin is an aerospace, defense, security and advanced technologies company based in Bethesda, Md.
| Issuer: | Lockheed Martin Corp.
|
| Issue: | Notes
|
| Amount: | $1.58 billion
|
| Maturity: | 2052
|
| Coupon: | 4.099%
|
| Settlement date: | Sept. 7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
