L-3 to redeem 8½% '08 notes

New York, May 21 - L-3 Communications Holdings, Inc. (Ba3/BB-) said that its L-3 Communications Corp. wholly owned subsidiary has called for redemption all of its outstanding $180 million principal amount of 8½% senior subordinated notes due 2008.

The company said that the notes would be redeemed on June 20 at a redemption price of 104.250% of the principal amount of notes tendered, plus accrued and unpaid interest up to June 20. Interest on the notes will cease to accrue on June 20.

The Bank of New York, as paying agent for the redemption.

L-3 also said that In connection with the redemption, it will record a non-cash charge in the 2003 second quarter of approximately $7 million after-tax (seven cents per diluted share), related to the redemption premium and the write-off of the unamortized deferred debt issue costs on the notes.

L-3 separately noted the completion of its previously announced sale of $400 million of new 6 1/8% senior secured notes due 2013. A portion of the proceeds of the sale (which occurred on May 14) are to be used to fund the redemption of the 8 ½% notes.

Speedway Motorsports calls 8 ½% '07 notes

New York, May 21 - Speedway Motorsports Inc. (Ba2/B+) said that it has called for redemption all $250 million of its outstanding 8½% senior subordinated notes due 2007.

The Concord, N.C.-based operator of auto race tracks said that it issued a notice of redemption to the noteholders on May 16. The notes are to be redeemed at a price of 104.25, plus accrued interest, on June 15, with a payment date of June 16.

The notes are being redeemed with the proceeds of the company's recent Rule 144A sale of $230 million 6¾% senior subordinated notes due 2013 (which occurred on May 8 and which settled on May 16), plus cash on hand and a drawing under its newly refinanced $250 million revolving credit facility and $50 million term loan facility, which was entered into concurrently with the bond sale.

U.S. Bank N.A. (call 651 244-0721), as trustee for the 8½% notes, is handling the redemption transaction.

Waterford provides 9 ½% '10 tender details

New York, May 21 - Waterford Gaming, LLC (B1) and Waterford Gaming Finance Corp. have provided additional information about their previously announced tender offer and consent solicitation for all of their outstanding 9½% senior notes due 2010.

The Waterford, Conn.-based gaming operator said in its 10-Q quarterly filing with the Securities and Exchange Commission that the tender offer had begun on April 15. It said that as of that date, some $22.651 million out of the $125 million of 9½% notes that were originally issued on March 17, 1999, had already been redeemed, using the company's excess cash, in a series of eight transactions which took place between Aug. 1, 1999 and Feb. 1, 2003.

Following those redemption transactions - which took place at various premiums to the notes' face amount ranging from a high of 9.5% to a low of 6.045% - the company had, and still has, $102.349 million of the notes outstanding.

It said that as of the date of the filing, the noteholders had tendered 100% of the outstanding amount of the notes under the tender offer.

On May 15, Waterford had announced the extension of the consent solicitation to 5 p.m. ET on May 28 and the extension of the tender offer expiration to midnight ET on June 11, with both deadlines subject to possible further extension. Holders who had tendered their notes and delivered consents prior to the extension have the right to withdraw their previous tenders and consents, if they so choose, prior to the extended expiration of the consent solicitation.

Waterford is seeking the consent of its noteholders to proposed indenture changes would have the effect of eliminating substantially all of the restrictive covenants and security provisions in the notes' indenture.

The company said that the tender offer and amendment of the indenture are conditioned upon, among other things, the consummation of financing so as to provide proceeds sufficient to pay the total costs of the tender offer and consent solicitation.

Deutsche Bank Securities Inc. (212 469-8995) and Bear, Stearns & Co. Inc. are dealer managers and solicitation agents for the offer and consent solicitation, the information agent is MacKenzie Partners, Inc. (call collect 212 929-5500, banks and brokers call 800 322-2885) and the depositary is U.S. Bank NA.

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