By Andrea Heisinger
New York, May 18 - L-3 Communications Corp. priced $800 million of 4.75% 10-year senior unsecured notes on Tuesday to yield Treasuries plus 138 basis points, an informed source said.
The notes (Baa3/BBB-/BBB-) priced at 99.679 to yield 4.789%.
The notes have a make-whole call at Treasuries plus 25 bps and feature a change-of-control put of 101%.
The deal is guaranteed by domestic subsidiaries.
Active bookrunners were Barclays Capital Inc., Bank of America Merrill Lynch and Deutsche Bank Securities Inc. Passive bookrunners were Credit Agricole Securities Inc. and Wells Fargo Securities LLC.
Joint lead managers were SunTrust Robinson Humphrey Inc. and Scotia Capital USA Inc.
BNY Mellon Capital Markets LLC and ANZ Securities Inc. were senior co-managers. Co-managers were HSBC Securities Inc., U.S. Bancorp Investments Inc., Comerica Securities Inc. and Daiwa Capital Markets America Inc.
Proceeds are being used to redeem the company's 6.125% senior subordinated notes due in 2013 and 2014.
The military and aerospace contractor is based in New York City.
| Issuer: | L-3 Communications Corp.
|
| Issue: | Senior unsecured notes
|
| Guarantors: | Domestic subsidiaries
|
| Amount: | $800 million
|
| Maturity: | July 15, 2020
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc. (active), Credit Agricole Securities Inc., Wells Fargo Securities LLC (passive)
|
| Joint lead managers: | SunTrust Robinson Humphrey Inc., Scotia Capital USA Inc.
|
| Senior co-managers: | BNY Mellon Capital Markets LLC, ANZ Securities Inc.
|
| Co-managers: | HSBC Securities Inc., U.S. Bancorp Investments Inc., Comerica Securities Inc., Daiwa Capital Markets America Inc.
|
| Coupon: | 4.75%
|
| Price: | 99.679
|
| Yield: | 4.789%
|
| Spread: | Treasuries plus 138 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 18
|
| Settlement date: | May 21
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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