DRS Technologies to sell $150 million add-on to 6 7/8% notes

New York, Dec. 14 - DRS Technologies, Inc. said it plans to sell a $150 million add-on to its 6 7/8% senior subordinated notes due 2013.

The Parsippany, N.J., provider of services to defense, government intelligence and commercial customers said it is required under the terms of its credit agreement to repay bank debt with the proceeds. Any remaining proceeds will be used to replenish cash balances following the $42.5 million cash payment for the company's previously announced acquisition of Night Vision Equipment Co. and for working capital and general corporate purposes.

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