Exhibit 99.1
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L-3
COMMUNICATIONS
-----------------------------
L-3 COMMUNICATIONS CORPORATION
600 Third Avenue
New York, NY 10016
212-697-1111 Fax: 212-682-9553
NEWS
Contact: Cynthia Swain
Vice President, Corporate Communications
L-3 Communications
212-697-1111
For Immediate Release
Contact: Morgen-Walke Associates ---------------------
Investors: Eric Boyriven
Media: Evan Goetz, Emily Brunner
212-850-5600
L-3 COMMUNICATIONS ANNOUNCES INTENDED DEBT OFFERING
NEW YORK, NY, June 6, 2002- L-3 Communications (NYSE:LLL) announced today that
L-3 Communications Corporation, its wholly owned subsidiary, intends to raise
$750.0 million of gross proceeds through a private placement of senior
subordinated notes, subject to market and other conditions. The notes will be
offered within the United States only to qualified institutional buyers pursuant
to Rule 144A under the Securities Act of 1933, and, outside the United States,
only to non-U.S. investors.
L-3 stated that it intends to use the net proceeds to repay indebtedness
outstanding under its senior subordinated interim loan agreement and to
repurchase and/or redeem its outstanding 10?% Senior Subordinated Notes due in
2007. The senior subordinated notes will have a ten-year maturity with interest
payable in cash.
The securities to be offered 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 merchant
supplier of Intelligence, Surveillance and Reconnaissance (ISR) products, secure
communications systems and products, avionics and ocean products, training
products, microwave components and telemetry, instrumentation, space and
wireless products. Its customers include the Department of Defense, selected US
government intelligence agencies, aerospace prime contractors and commercial
telecommunications and wireless customers.
L-3 ANNOUNCES INTENDED DEBT OFFERING PAGE 2
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.
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