WALTHAM, Mass., Dec. 2 /PRNewswire-FirstCall/ -- Raytheon Company
(NYSE: RTN) (the "Company") announced today that it intends to offer to
repurchase for cash up to $1.24 billion in principal amount of two of its
outstanding debt issues. The offer is for any and all of the outstanding
6.30% Notes due 2005 (the "6.30% Notes"), and the outstanding 8.20% Notes due
2006 (the "8.20% Notes"), collectively the "Securities."
Each offer will commence at 9:00 a.m. on Tuesday, December 2, 2003, and
expire at 5:00 p.m., New York City time, on Tuesday, December 9, 2003, unless
extended or earlier terminated. Holders of the Securities wishing to tender
may do so at anytime between 9:00 a.m. and 5:00 p.m., New York City time, on
any New York Stock Exchange trading day during the period in which the offers
are open. A tender of Securities pursuant to the offers becomes irrevocable
by the tendering holder at the time of tender. Each offer is independent of
the other and is not contingent upon the tender of any minimum principal
amount of Securities. The Company reserves the right to terminate, withdraw
or amend each of the offers at any time and from time to time, subject to
applicable law.
The table below illustrates how the purchase price for each $1,000
principal amount of each Security tendered pursuant to the applicable offer
will be determined. The purchase price will be determined in the manner
described in the Offer to Repurchase dated December 2, 2003 by reference to
the applicable fixed spread over the bid side yield to maturity of the
applicable U.S. Treasury Security (the "Referenced Security") at the time of
tender, plus an amount equal to accrued and unpaid interest to but excluding
the date of payment of the purchase price.
CUSIP Aggregate Series U.S. Bloomberg Fixed
Number Principal Of Treasury Reference Spread
Amount Notes Reference Source
Outstanding Security
755111 AK 7 $439,015,000 6.30% Notes 1.625% BBT4 0.35%
due March 15, due
2005 March 31,
2005
755111 BG 5 $800,000,000 8.20% Notes 5.625% due
due March 1, February BBT5 0.50%
2006 15, 2006
The Company intends to finance the purchase of the Securities pursuant to
the offers with cash on hand, borrowings under certain credit facilities or
the proceeds of an offering of debt.
The terms and conditions of the offers are more fully described in the
Offer to Repurchase dated December 2, 2003. Banc of America Securities LLC,
Citigroup Global Markets Inc., Credit Suisse First Boston LLC, J.P. Morgan
Securities Inc., Morgan Stanley & Co. Incorporated, and UBS Securities LLC,
are the Dealer Managers for the offers. Settlement of the offers will occur
on the third New York City business day following the date of tender of the
applicable Securities. The 6.30% Notes shall be repurchased only through
Morgan Stanley & Co. Incorporated. The 8.20% Notes shall be repurchased only
through Credit Suisse First Boston LLC.
Questions concerning the terms of the tender offers may be directed to any
of the Dealer Managers: Banc of America Securities LLC at 866-475-9886;
Citigroup Global Markets Inc. at 800-558-3745; Credit Suisse First Boston LLC
at 800-820-1653; J.P. Morgan Securities Inc. at 866-834-4077; Morgan Stanley &
Co. Incorporated at 800-624-1808; and UBS Securities LLC at 888-722-9555 x
4210. Questions concerning the procedures for tendering Securities or
requests for the Offer to Repurchase documents may be directed to Morrow &
Co., Inc., the Information Agent, at 800-654-2468 or 212-754-8000.
Raytheon Company is an industry leader in defense, government and
commercial electronics, space, information technology, technical services, and
business and special mission aircraft. With headquarters in Waltham, Mass.,
Raytheon employs more than 76,000 people worldwide.
This press release is neither an offer to purchase nor a solicitation of
an offer to sell the Securities. The offers are made only by an Offer to
Repurchase dated December 2, 2003.
NOTE: The statements in this press release that are not historical
statements, are considered forward-looking statements within the meaning of
the federal securities laws. These statements are subject to risks,
uncertainties and other factors, many of which are beyond the Company's
control, which could cause the Company's actual performance to be materially
different from those expressed or implied by the statements. The Company
expressly disclaims a duty to provide updates to forward-looking statements,
and the estimates and assumptions associated with them, after the date of this
press release to reflect the occurrence of subsequent events, changed
circumstances or changes in the Company's expectations. Further information
regarding factors that could affect the Company's forward-looking statements
are reported in the Company's 2002 Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q filed with the Securities and Exchange
Commission (http://www.sec.gov).
Contact:
James Fetig
781-860-2386
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
James Fetig of Raytheon, +1-781-860-2386
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