Lockheed Martin offers to exchange seven series for new notes, cash

By Wendy Van Sickle

Columbus, Ohio, Aug. 7 – Lockheed Martin Corp. began an offer to exchange any and all of seven series of its debt securities for new 4.099% notes due 2052 and, in some cases, an additional cash amount, according to a Monday press release.

The following debt securities are covered by the offer, with the total considerations listed per $1,000 principal amount of existing notes tendered for exchange:

• Its $194,791,000 8.5% debentures due Dec. 1, 2029, for $1,196.86 principal amount of new notes and $310 in cash;

• Its $39,001,000 7.2% debentures due May 1, 2036, for $1,342.97 principal amount of new notes and $110 in cash;

• Its $652,491,000 6.15% notes due Sept. 1, 2036, for $1,217.38 principal amount of new notes and $100 in cash;

• Its $318,158,000 5.5% notes due Nov. 15, 2039, for $1,246.35 principal amount of new notes;

• Its $434,765,000 5.72% notes June 1, 2040, for $1,254.43 principal amount of new notes and $20 in cash;

• Its $600 million 4.85% notes due Sept. 15, 2041, for $1,157.53 principal amount of new notes; and

• Its $2 billion 4.7% notes due May 15, 2046, for $1,128.62 principal amount of new notes.

Each total consideration includes an early participation payment of $30 principal amount of new notes that will be paid only for notes that are tendered by the early deadline, 5 p.m. ET on Aug. 18.

The exchange offer will expire at midnight ET at the end of Sept. 1.

Tenders of old notes may be withdrawn at any time on or prior to the early participation date.

The exchange offer is subject to some conditions, including that enough notes are tendered to cause the company to issue at least $300 million of new exchange notes.

The new notes have not been registered under the Securities Act or any state securities laws.

Lockheed Martin is an aerospace, defense, security and advanced technologies company based in Bethesda, Md.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.