Market expects L-3 Communications to price $500 million notes in April

By Paul A. Harris

St. Louis, Mo., March 26 - L-3 Communications Corp. is expected to bring $500 million of new high-yield bonds during the month of April, various sources on the buy- and sell-sides of the primary market told Prospect News.

Sources identified Lehman Brothers as the bookrunner. Lehman declined to comment on L-3 Communications when contacted by Prospect News.

On March 8, L-3 Communications acquired the assets of Aircraft Integration Systems from Raytheon Co. for $1.13 billion in cash.

The acquisition was financed using cash on hand, borrowings under L-3 Communications Corp.'s senior credit facilities and a $500 million senior subordinated bridge loan, according to a company announcement.

L-3 Communications, which is headquartered in New York City, produces secure and other specialized communication systems.

According to documents filed in March, 2002 with the Securities and Exchange Commissoin, for the year ended Dec. 31, 2001, direct and indirect sales to the U.S. Department of Defense provided 64.7% of its sales, while sales to commercial, foreign governments and U.S. federal, state and local government agencies provided 35.3% of sales.

© 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.