EXHIBIT 99.1
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| Contact: | Cynthia Swain
Vice President, Corporate Communications
L-3 Communications
212-697-1111 |
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| Contact: | Financial Dynamics
Investors: Eric Boyriven, Olivia Pirovano
Media: Evan Goetz
212-850-5600 |
L-3 COMMUNICATIONS ANNOUNCES COMPLETION OF DEBT OFFERING
NEW YORK, NY, November 12, 2004 – L-3 Communications Holdings, Inc. (NYSE: LLL) announced today that L-3 Communications Corporation, its wholly owned subsidiary, has completed an offering of $650 million principal amount of 5 7/8% Senior Subordinated Notes due 2015, with interest payable semi-annually. The notes were offered within the United States only to qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933, and, outside the United States, only to non-U.S. investors.
As previously announced, the proceeds of this offering will be used to redeem the company's outstanding $200 million aggregate principal amount of 8% Senior Subordinated Notes due in 2008 and for general corporate purposes, including business acquisitions. This press release shall not constitute a notice of redemption of such notes. In connection with the redemption, the company expects to record a pre-tax debt retirement charge of approximately $5.0 million, or $0.03 per diluted share, net of taxes.
The securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
Headquartered in New York City, L-3 Communications is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services and is a merchant supplier of a broad array of high technology products. Its customers include the Department of Defense, Department of Homeland Security, selected U.S. Government intelligence agencies and aerospace prime contractors.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The forward-looking statements set forth above involve a number of risks
and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
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