L-3 Plans $750 Million Debt Sale, Pay Off $1.3 Billion Of Borrowings
29 9월 2009 - 9:30PM
Dow Jones News
DOW JONES NEWSWIRES
L-3 Communications Holdings Inc. (LLL) announced plans to sell
$750 million of notes in a private placement to qualified
institutional investors.
Proceeds, along with cash on hand, will go to redeem $750
million of notes due in 2012 and repay a $650 million loan. As
such, it also will replace its $1 billion credit line with a 3-year
one of at least $750 million.
Many companies have been selling new debt and/or stock in recent
months to pay off near-term borrowings. As of June 30, L-3 had $4.5
billion of long-term debt.
The aircraft-maintenance contractor has seen profit continue to
rise amid consistent revenue gains. Shares closed Monday at $79.99
and were inactive premarket.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com