L-3 Communications holders convert $419.8 million Codes prior to redemption

Pittsburgh, Oct. 26 - L-3 Communications Holdings Inc. said holders of $419.8 million of its $420 million of 4.00% senior subordinated convertible contingent debt securities (Codes) due 2011 converted their securities into 7.8 million shares of common stock prior to redemption.

The CODES were converted at a conversion price of $53.8125 per share.

The $0.2 million remaining balance of the CODES were redeemed for cash on Monday at a redemption price of 102% plus accrued interest.

L-3's total debt was reduced by about $418 million and shareholders equity was increased by about the same amount compared to Sept. 30.

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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