Lockheed Martin offers new notes due 2042 in exchange for nine series

By Susanna Moon

Chicago, Nov. 14 - Lockheed Martin Corp. said it began an offer to exchange nine series of its outstanding debt for a new series of 4.07% notes due 2042 plus cash.

The notes covered by the exchange offer are listed below:

• $190 million of 7% debentures due Sept. 15, 2023 (Lockheed Martin as successor in interest to Loral Corp.);

• $167,772,000 of 8.375% debentures due June 15, 2024 (Lockheed Martin as successor to Loral);

• $150 million of 7.625% debentures due June 15, 2025 (Lockheed Martin as successor to Loral);

• $228,495,000 of 7.75% debentures due May 1, 2026;

• $205,047,000 of 8.5% debentures due Dec. 1, 2029;

• $69,071,000 of 7.2% debentures due May 1, 2036;

• $1,079,230,000 of 6.15% notes due Sept. 1, 2036;

• $600 million of 5.50% notes due Nov. 15, 2039; and

• $728,191,000 of 5.72% Notes due June 1, 2040.

The company will issue new notes and a cash amount for each $1,000 principal amount of outstanding notes tendered under the offer plus an early participation payment for those who tender their notes by 5 p.m. ET on Nov. 28, the early participation date.

The exchange offer will end at midnight ET on Dec. 12. Tendered notes may be withdrawn by the early deadline.

The exchange offer is conditioned on minimum tenders so that at least $250 million principal amount of the new notes will be issued in exchange for the old notes, according to a company press release.

The exchange offer is being made only to holders who are qualified institutional buyers under Rule 144A or who are non-U.S. persons under Regulation S.

Global Bondholder Services Corp. (866 794-2200 or for banks and brokers 212 430-3774).

The global security company is based in Bethesda, Md.

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