L-3 Communications $750 million 10-year notes talked at 7½%-7¾%, pricing Tuesday

By Paul A. Harris

St. Louis, Mo., June 21 - Price talk of 7½%-7¾% was heard Friday on L-3 Communications Holdings, Inc.'s offering of $750 million senior subordinated notes due 2012 (Ba3/B+ existing), according to a syndicate source. The deal is expected to price on Tuesday morning.

Lehman Brothers and Banc of America Securities are joint bookrunners. Credit Suisse First Boston, Wachovia Securities, Inc., SG Cowen, BNY Securities, Barclays, Credit Lyonnais, Fleet Securities and Scotia Capital are co-managers.

The Rule 144A notes are non-callable for five years and are coming concurrently with a $750 million equity offering.

Proceeds will be used to refinance debt used to fund the acquisition of Aircraft Integration Systems from Raytheon Co. and the tender/call of its $225 million 10 3/8% senior subordinated notes.

The issuer is a New York City-based supplier of military communications products.

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