L-3 Communications to price $1 billion 10-year notes Wednesday

By Paul A. Harris

St. Louis, July 25 - L-3 Communications Corp. will hold an investor conference call at noon ET Tuesday for its $1 billion offering of 10-year senior subordinated notes (Ba3/BB+/BB), according to syndicate sources.

The offering is expected to price on Wednesday.

Lehman Brothers and Banc of America Securities LLC are joint bookrunners for the Rule 144A offering. Bear Stearns & Co. and Credit Suisse First Boston are co-managers, with other co-managers expected to emerge.

The notes will come with five years of call protection and a three-year 35% equity clawback.

Proceeds will be used to fund a portion of the acquisition of The Titan Corp.

L-3 Communications is a provider of intelligence, surveillance and reconnaissance systems, secure communications systems, aircraft modernization, training and government services and supplier of high technology products. The company has headquarters in New York City.

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