L-3 Communications calls all 3% convertibles for June 2 redemption

By Angela McDaniels

Tacoma, Wash., May 13 - L-3 Communications Holdings, Inc. called all of its outstanding 3% convertible contingent debt securities for redemption, according to a company news release.

The redemption will take place June 2.

As of March 28, the principal amount of convertibles outstanding was $689.4 million.

The redemption price will be par plus accrued interest up to but excluding the redemption date and will be paid in cash.

Holders may convert at any time prior to the close of business on May 30. Conversions will be settled in cash.

The current conversion rate is 11.2259 shares of common stock per $1,000 principal amount, which is equal to a conversion price of $89.08 per share. The company's stock closed at $121.06 (NYSE: LLL) on May 13.

Holders who convert will not be entitled to accrued interest, if any.

L-3 is a New York City-based contractor in aerospace systems and national security solutions and a provider of communication and electronic systems and products used on military and commercial platforms.

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