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Published on 11/25/2008 in the Prospect News High Yield Daily.

DRS starts change-of-control tender offers for three series of notes

By Susanna Moon

Chicago, Nov. 25 - DRS Technologies, Inc. began an offer to purchase all of its outstanding 6 7/8% senior subordinated notes due 2013, 6 5/8% senior notes due 2016 and 7 5/8% senior subordinated notes due 2018 under a change-of-control notice and offer dated Nov. 21, according to an 8-K filing with the Securities and Exchange Commission.

The offer is being made under the company's obligations to purchase any and all of its notes following a change of control, which occurred on Oct. 22, as a result of the company's merger with Dragon Merger Sub, Inc., a wholly owned subsidiary of Finmeccanica - Societá per azioni.

The offer for 6 7/8% and 7 5/8% notes will expire at 5 p.m. ET on Jan. 15. The offer for 6 5/8% notes will end at 5 p.m. ET on Jan. 14.

The company said it will pay $1,010 plus accrued interest to Jan. 20 per $1,000 principal amount for the 6 7/8% and 7 5/8% notes and to Jan. 19 for the 6 5/8% notes.

DRS Technologies is a Parsippany, N.J., supplier of products and services to the military, government agencies and prime contractors.

Finmeccanica is based in Italy and is a manufacturer of helicopters, civil and military aircraft, aero structures, satellites, space infrastructure, missiles, defense electronics and security.


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