Lockheed Martin launches exchange for four series of debentures

By Jennifer Chiou

New York, April 26 - Lockheed Martin Corp. announced the start of an offer to issue new 5.72% notes due 2040 in exchange for any and all of the following of its securities:

• $600 million of 7.65% debentures due May 1, 2016;

• $423,015,000 of 7.75% debentures due May 1, 2026;

• $316,347,000 of 8.5% debentures due Dec. 1, 2029; and

• $300 million of 7.2% debentures due May 1, 2036.

The offer will wrap at midnight ET on May 21.

Those who tender by the early participation date of 5 p.m. ET on May 7 will receive a to-be-announced early participation payment.

Lockheed Martin has yet to determine the exchange consideration for each series of debentures, but did add in a news release that in the case of the 7.2% debentures, it will pay an additional cash amount.

The offer is conditioned on the issue of at least $250 million of the new notes being issued.

The information agent is Global Bondholder Services Corp. (866 387-1500 or call collect 212 925-1630).

Lockheed Martin is a security and defense contractor, based in Bethesda, Md.

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