L-3 Communications Corp. (NYSE: LLL) announced today that it is looking to raise $500 million from 3.95 percent senior notes, due Nov. 15, 2016.
L-3, a prime contractor in command, control, communications, intelligence, surveillance and reconnaissance with the U.S. Military, announced it intends to use the net proceeds in conjunction with cash on hand to pay $500 million of its $1 billion aggregate principal amount of 6 3/8 percent senior subordinated notes due in 2015.
L-3 reported the notes will be unsecured senior obligations and will rank equally with its other unsecured senior debt.
