PRESS RELEASE EXHIBIT 99.1
L-3 COMMUNICATIONS ANNOUNCES DEBT OFFERING
[L-3 COMMUNICATIONS LOGO]
L-3 COMMUNICATIONS CORPORATION
600 Third Avenue
New York, NY 10016
212-697-1111 Fax: 212-682-9553
Contact: Cynthia Swain
Vice President, Corporate Communications
L-3 Communications
212-697-1111
For Immediate Release
Contact: FD Morgen-Walke
Investors: Eric Boyriven, Olivia Pirovano
Media: Evan Goetz
212-850-5600
L-3 COMMUNICATIONS ANNOUNCES DEBT OFFERING
NEW YORK, NY, December 16, 2003 - L-3 Communications Holdings, Inc. (NYSE:
LLL) announced today that L-3 Communications Corporation, its wholly owned
subsidiary, is seeking to raise $400.0 million, before underwriting expenses,
through a private placement of senior subordinated notes. 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 will use the net proceeds to repay indebtedness outstanding
under its senior credit facilities and for general corporate purposes, including
acquisitions. The senior subordinated notes will have a ten-year maturity with
interest payable semi-annually.
In addition, L-3 announced its intention to redeem all of its outstanding $300.0
million aggregate principal amount of 5.25% Convertible Senior Subordinated
Notes due 2009 (the "Convertible Notes"). To the extent that holders of the
Convertible Notes do not choose to convert their Convertible Notes into common
stock of L-3, all of such Convertible Notes will be redeemed at a redemption
price of 102.625% of the principal amount thereof, plus accrued and unpaid
interest, with the proceeds of this offering.
This press release shall not constitute a notice of redemption of the
Convertible Notes.
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.
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L-3 ANNOUNCES DEBT OFFERING
Headquartered in New York City, L-3 Communications is a leading merchant
supplier of Intelligence, Surveillance and Reconnaissance (ISR) systems and
products, secure communications systems and products, avionics and ocean
products, training devices and services, microwave components and telemetry,
instrumentation, space and navigation products. Its customers include the
Department of Defense, Department of Homeland Security, selected U.S. Government
intelligence agencies, aerospace prime contractors and commercial
telecommunications and wireless customers.
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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