L-3 Communications Holdings Inc. (NYSE:LLL) said its Communications Corp. unit has priced an offering of $500 million of 3.95% Senior Notes due November 15, 2016.
New York-based L-3 said it plans to use the net proceeds to redeem $500 million of its outstanding $1 billion aggregate principal amount of 6 3/8% Senior Subordinated Notes due 2015.
The company, which posted sales of $15.7?billion in 2010, is a prime contractor in C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems, aircraft modernization and maintenance, and government services. L-3 also provides electronic systems used on military and commercial platforms.
LLL shares, which have been trading in the 52-week range between $58.30 and $88.55, edged up 0.03 percent to $66.89 at 2.53 pm EST on Friday.
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