L-3 Communications has raised $650 million through a note sale, Reuters reports. The senior unsecured notes, which carry a coupon rate of 4.950%, are due to mature on Feb. 15, 2021.
The company intends to use the proceeds to redeem the 5.875% senior subordinated notes due in 2015. The New York-based defense products provider appointed Bank of America Merrill Lynch, Barclays, Wells Fargo Securities, Deutsche Bank and RBS as the joint bookrunning managers for the deal.
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