L-3 Communications calls 4% CODES

Pittsburgh, Oct. 5 - L-3 Communications Holdings Inc. will redeem all its outstanding 4% senior subordinated convertible contingent debt securities due 2011 at 102% plus accrued interest, according to a company news release.

The redemption date is Oct. 25.

Holders can convert their CODES into L-3 common stock before the close on Oct. 21 at a conversion price of $53.8125 per share, the release said. L-3 stock closed at $67.89 Monday.

The company's cash interest expense payments will be reduced by $17 million, which is expected in increase its annual net cash from operating activities by $11 million.

L-3 Communications is a New York-based provider of intelligence, surveillance and reconnaissance systems, secure communications systems, aircraft modernization, training and government services and supplier of high-technology products.

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