Exhibit 99.2
Information
LOCKHEED MARTIN CORPORATION ANNOUNCES TENDER OFFERS
FOR UP TO $1.15 BILLION OF ITS OUTSTANDING DEBT
BETHESDA, Md., August 6, 2003 -- Lockheed Martin Corporation (NYSE: LMT)
announced today that it intends to offer to purchase for cash up to $1.15
billion in principal amount of two of its outstanding debt issues. The offer is
for any and all of the outstanding 7.25% Notes due 2006, originally issued by
Lockheed Martin Corporation (the "7.25% Notes"), and the outstanding 8.375%
Debentures due 2024, originally issued by Loral Corporation (the "8.375%
Debentures"), collectively the "Securities".
Each tender offer will commence on Thursday, August 7, 2003, and expire at
5:00 p.m., New York City time, on Thursday, August 14, 2003, unless extended or
earlier terminated. Holders of the Securities wishing to tender may do so at
anytime between 9:00 a.m. and 5:00 p.m., New York City time, on any New York
Stock Exchange trading day during the period in which the offers are open. A
tender of Securities pursuant to the offers becomes irrevocable by the tendering
holder at the time of tender, and there are no withdrawal rights with respect to
the offers. Each offer is independent of the other offer and may be amended,
extended or terminated independently of the other offers. The offers are not
contingent upon the tender of any minimum principal amount of Securities.
Lockheed Martin reserves the right to terminate, withdraw or amend each of the
offers at any time and from time to time, subject to applicable law.
The table below illustrates how the purchase price for each $1,000
principal amount of each Security tendered pursuant to the applicable offer will
be determined. The purchase price will be determined in the manner described in
the Offer to Purchase by reference to the applicable fixed spread over the yield
to maturity on the Referenced Security listed below at the time of tender, plus
an amount equal to any accrued and unpaid interest to but excluding the date of
payment of the purchase price.
Aggregate
Principal U.S. Treasury Bloomberg
Amount Series of Maturity Reference Reference Fixed Dealer
CUSIP Number Outstanding Securities Date Security Source Spread Manager
- ------------ ----------- ---------- ---- -------- ------ ------ -------
539830 AC 3 $750,000,000 7.25% 5/15/06 2.000% U.S. PX5 30 bps JPMorgan
Notes Treasury Note
due May 2006
543859 AK 8 $400,000,000 8.375% 6/15/24 5.375% U.S. PX8 95 bps Goldman,
Debentures Treasury Bond Sachs
due February
2031
The tender offers are made upon the terms and subject to the conditions set
forth in the Offer to Purchase dated August 7, 2003. J.P. Morgan Securities Inc.
and Goldman, Sachs & Co. will serve as Dealer Managers for the tender offers.
Settlement of the tender offers will occur on the third New York City business
day following the date of tender of the applicable Securities. The 7.25% Notes,
shall be repurchased only through J.P. Morgan Securities, Inc. The 8.375%
Debentures shall be repurchased only through Goldman, Sachs & Co.
Questions concerning the terms of the tender offers may be directed to J.P.
Morgan Securities Inc. at (866) 834-4666 or Goldman, Sachs & Co at (800)
828-3182. Questions concerning the procedures for tendering Securities or
requests for the Offer to Purchase documents may be directed to Morrow & Co.,
Inc., the Information Agent, at 800-654-2468 or 212-754-8000.
Headquartered in Bethesda, Md., Lockheed Martin employs about 125,000
people worldwide and is principally engaged in the research, design,
development, manufacture and integration of advanced technology systems,
products and services. The corporation reported 2002 sales of $26.6 billion.
NOTE: The statements in this press release that are not historical statements,
including statements regarding future financial performance, are considered
forward-looking statements within the meaning of the federal securities laws.
These statements are subject to risks, uncertainties and other factors, many of
which are beyond the Corporation's control, which could cause the Corporation's
actual performance to be materially different from those expressed or implied by
the statements. The Corporation expressly disclaims a duty to provide updates to
forward-looking statements, and the estimates and assumptions associated with
them, after the date of this press release to reflect the occurrence of
subsequent events, changed circumstances or changes in the Corporation's
expectations.
In addition to the factors set forth in the Corporation's 2002 Form 10-K and
first quarter 2003 Form 10-Q filed with the Securities and Exchange Commission
(www.sec.gov), the following factors could affect the Corporation's
forward-looking statements: the ability to obtain or the
timing of obtaining future government awards; the availability of government
funding and customer requirements both domestically and internationally; changes
in government or customer priorities due to program reviews or revisions to
strategic objectives (including changes in priorities in response to terrorist
threats or to improve homeland security); difficulties in developing and
producing operationally advanced technology systems; the level of returns on
pension and retirement plan assets; charges from any future SFAS 142 review; the
competitive environment; economic business and political conditions domestically
and internationally; program performance; the timing and customer acceptance of
product deliveries; performance issues with key suppliers and subcontractors;
the Corporation's ability to achieve or realize savings for its customers or
itself through its global cost-cutting program and other financial management
programs; and the outcome of contingencies (including completion of any
acquisitions and divestitures, litigation and environmental remediation
efforts). These are only some of the numerous factors that may affect the
forward-looking statements contained in this press release.
# # #
Investor Contact:
James Ryan, (301) 897-6584, james.r.ryan@lmco.com
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Randa Middleton, 301-897-6455; e-mail, randa.c.middleton@lmco.com
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Media Contact:
Meghan Mariman, 301-897-6195; email, meghan.mariman@lmco.com
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For additional information on Lockheed Martin Corporation, visit:
http://www.lockheedmartin.com
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