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L-3 Communications gets tenders for almost all Titan's 8% notes
By Jennifer Chiou
New York, July 29 - L-3 Communications announced it received tenders for $199,945,000 or 99.97% of Titan Corp.'s 8% senior subordinated notes due 2011 at the close of its tender offer and consent solicitation at 12:01 a.m. ET.
As previously announced, by the July 21 consent deadline, the New York company received valid tenders and consents from holders of $182,605,000 or 91.3% of the notes.
The consents allowed Titan to amend the note indenture to release its subsidiaries from their guarantees of Titan's obligations under the notes, eliminating almost all restrictive covenants and events of default.
For investors who tendered their holdings after the consent deadline and before the expiration date, L-3 will pay the present value of $1,040 - the redemption price on the notes' first call date of May 15, 2007 - plus all future interest payments up to May 15, 2007, discounted using a yield to May 15, 2007 equal to the sum of the yield on the 3.125% Treasury due May 15, 2007 and 50 basis points minus the $30.00 consent payment.
As previously announced on July 15, L-3 increased the amount on offer by cutting the spread over Treasuries to 50 basis points from 75 bps and extended the consent date to 5 p.m. ET on July 21 from 5 p.m. ET on July 14.
Lehman Brothers Inc. was the dealer manager and solicitation agent (call collect 212 528-7581 or 800 438-3242) and the depositary and information agent was Georgeson Shareholder (call collect 212 440-9800 or 866 729-6814).
L-3 provides intelligence, surveillance and reconnaissance systems and secure communications systems to customers including the Department of Defense and Department of Homeland Security.
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