L-3 Communications to redeem $250 million 6 3/8% notes due 2015

By Ashley Montgomery

Kansas City, Kan., June 26 - L-3 Communications Holdings, Inc. plans to redeem $250 million of its 6 3/8% senior subordinated notes due 2015, according to a filing with the Securities and Exchange Commission.

The notes will be redeemed July 26 at 102.125% of par plus accrued interest to the redemption date.

The company plans to spin off its subsidiary Engility Holdings, Inc. and will receive a $335 million dividend from Engility in connection with the spinoff. L-3 Communications will use the dividend proceeds to fund the redemption and to repurchase $75 million of common stock.

L-3 is a New York-based contractor in command, control, communications, intelligence, surveillance and reconnaissance systems, aircraft modernization and maintenance and government services. It is also a provider of electronic systems used on military and commercial platforms.

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