By Andrea Heisinger
New York, Sept. 29 - L-3 Communications Corp. priced an upsized $1 billion of 5.2% 10-year senior notes on Tuesday to yield Treasuries plus 195 basis points, an informed source said.
The size was increased from $750 million. It priced at the tight end of guidance that was in the 212.5 bps area, the source said.
The Rule 144A notes (Baa2/BBB-/BBB-) priced at 99.642 to yield 5.246%. They have a make-whole call at Treasuries plus 30 bps.
Bank of America Merrill Lynch and Barclays Capital Inc. were the bookrunners.
Proceeds are being used to redeem $750 million of 7.625% senior notes due June 2012 and to repay a $650 million term loan.
The aircraft maintenance and technology subsidiary of L-3 Communications Holdings Inc. is based in New York City.
| Issuer: | L-3 Communications Corp.
|
| Issue: | Senior notes
|
| Amount: | $1 billion, increased from $750 million
|
| Maturity: | Oct. 15, 2019
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc.
|
| Coupon: | 5.2%
|
| Price: | 99.642
|
| Yield: | 5.246%
|
| Spread: | Treasuries plus 195 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Distribution: | Rule 144A
|
| Trade date: | Sept. 29
|
| Settlement date: | Oct. 2
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 212.5 bps area
|
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