Lockheed Martin holders swap $608.54 million notes by early deadline

By Devika Patel

Knoxville, Tenn., May 10 - Lockheed Martin Corp. reported the early exchange results of an offer to issue new 5.72% notes due 2040 in exchange for any and all of the following of its securities:

• $600 million of 7.65% debentures due May 1, 2016;

• $423,015,000 of 7.75% debentures due May 1, 2026;

• $316,347,000 of 8.5% debentures due Dec. 1, 2029; and

• $300 million of 7.2% debentures due May 1, 2036.

By the early participation date of 5 p.m. ET on May 7, holders had surrendered $147.34 million of the 7.65% debentures, $148.2 million of the 7.75% debentures, $111.3 million of the 8.5% debentures and $201.7 million of the 7.2% debentures.

The offer will wrap at midnight ET on May 21.

The company also said Monday that the holders who exchange their securities after the early participation date will receive the same amount as those who surrendered their debentures by the early participation deadline. The amount was not disclosed.

When the offer launched on April 26, Lockheed Martin had yet to determine the exchange consideration for each series of debentures, but it did add in a news release that in the case of the 7.2% debentures, it will pay an additional cash amount.

The information agent is Global Bondholder Services Corp. (866 387-1500 or call collect 212 925-1630).

Lockheed Martin is a security and defense contractor based in Bethesda, Md.

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