Lockheed holders swap $611.05 million of debentures in exchange offer

By Devika Patel

Knoxville, Tenn., May 24 - Lockheed Martin Corp. reported that holders tendered $611,049,000 of notes in its 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 exchange deadline of midnight ET on May 21, holders had surrendered $148,465,000 of the 7.65% debentures, $148.2 million of the 7.75% debentures, $111.3 million of the 8.5% debentures and $203,084,000 of the 7.2% debentures.

The offer began on April 26.

On May 25, Lockheed Martin expects to deliver $728,191,000 of new notes and, in the case of the 7.2% debentures, the company will also pay a cash consideration of $40.62 million for the old notes, plus interest and cash in lieu of fractional amounts.

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

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