Titan extends tender for 8% notes

New York, March 12 - Titan Corp. said it extended its exchange offer and consent solicitation for its 8% senior subordinated notes due 2011.

The offer will now end at 1 p.m. ET on April 12, the time at which Titan intends to adjourn the special meeting of its stockholders for consideration of its pending merger with Lockheed Martin Corp.

By the close of business on March 11, Titan had received tenders of 99.2% of the outstanding $200 million principal amount of 8% notes.

Titan, a San Diego-based provider of information and communications systems and services to the federal government, said it has entered into a supplemental indenture but that it will not become effective until immediately before the acquisition.

If the merger is completed, Lockheed Martin will guarantee the notes.

Holders tendered and delivered consents prior to 5 p.m. ET on Feb. 25 will receive a consent fee of 1.0% of the principal amount of the notes if the merger is completed. Other holders may tender their notes and consent to the proposed amendments without receiving the consent fee at any time prior to the expiration date.

The dealer-manager and solicitation agent for the exchange offer and consent solicitation is Credit Suisse First Boston LLC and the exchange agent is Deutsche Bank Trust Co. Americas. Morrow & Co., Inc. Is the information agent (banks and brokerages call 800 654-2468, bondholders call 800 607-0088).

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