L-3 plans to redeem 5.25% convertibles

New York, Dec. 16 - L-3 Communications Holdings Inc. said it plans to redeem all its $300 million principal amount of 5.25% convertible senior subordinated notes due 2009.

The company will pay a price of 102.625% for the securities plus accrued interest.

Holders will also be able to convert the notes to stock. The notes convert at a price of $40.75. L-3 stock closed at $48.50 Monday.

Funding for the redemption will come from L-3's announced sale of $400 million of senior subordinated notes.

L-3, a New York-based provider of intelligence, surveillance and reconnaissance systems and secure communications systems, did not disclose further details of the redemption.

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