L-3 holders exercise put option for $11 million convertibles due 2035

By Toni Weeks

San Diego, May 5 - L-3 Communications Holdings, Inc. repurchased about $11 million of its 3% convertible contingent debt securities due 2035 on Feb. 2 as a result of the exercise of the put option by holders of the securities, according to a 10-Q filing with the Securities and Exchange Commission.

The company also said the holders of the convertibles have a contractual right to require L-3 to repurchase the remaining convertibles, in whole or in part, on Feb. 1, 2016 and every five years after that until Feb. 1, 2031.

Based in New York, L-3 is a contractor in aircraft modernization and maintenance, secure communications systems and government services.

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