FOR IMMEDIATE
RELEASE
DRS TECHNOLOGIES ANNOUNCES
RECEIPT OF REQUISITE CONSENTS
IN CONSENT SOLICITATION FOR
ITS 6-7/8% AND 7-5/8% SENIOR SUBORDINATED NOTES
AND 6-5/8% SENIOR
NOTES
PARSIPPANY, N.J., December 22
– DRS Technologies, Inc., a subsidiary of Finmeccanica S.p.A. (FNC.MI),
today announced that it successfully has completed its consent solicitation for
its 6-7/8% Senior Subordinated Notes due 2013, 6-5/8% Senior Notes due 2016 and
7-5/8% Senior Subordinated Notes due 2018 (the "Notes"). Pursuant to the consent
solicitation, DRS Technologies solicited the consent of bondholders to
amendments (the "Proposed Amendments") that would modify the reporting covenant
in each indenture governing the Notes. As a result of the adoption of the
amendments, the company will not need to file reports with the U.S. Securities
and Exchange Commission. The company instead will provide holders of the Notes
the parent company’s (Finmeccanica’s) consolidated annual and interim financial
reports.
As of
5:00 p.m. New York City time on December 19, 2008, the expiration time of the
consent solicitation, DRS Technologies had received consents from the holders of
a majority in aggregate principal amount of all three series of Notes. As of the
expiration time, holders of the 6-7/8% Senior Subordinated Notes due 2013
representing approximately 90.49% of the aggregate principal amount outstanding
of such Notes, holders of the 6-5/8% Senior Notes due 2016 representing
approximately 88.08% of the aggregate principal amount outstanding of such Notes
and holders of the 7-5/8% Senior Subordinated Notes due 2018 representing
approximately 95.15% of the aggregate principal amount outstanding of such Notes
had consented to the Proposed Amendments.
As a
result of receiving the requisite consents to adopt the Proposed Amendments, DRS
Technologies, certain subsidiaries of DRS Technologies (the “Subsidiary
Guarantors”) and Finmeccanica will enter into supplemental indentures with The
Bank of New York Mellon, as successor trustee (the “Trustee”), with respect to
each of the indentures governing the Notes to effect the Proposed Amendments to
each of these indentures.
Any
questions regarding the consent solicitation or requests for copies of the
Consent Solicitation Statement, dated December 5, 2008 (or any supplement
thereto) (the "Consent Solicitation Statement"), the consent form or related
documents should be directed to Global Bondholder Services Corporation, 65
Broadway, Suite 723 New York, New York 10006, phone (212) 430-3774 (collect),
(866) 540-1500 (toll free), which is acting as information and tabulation agent
for the consent solicitation, or Merrill Lynch & Co., Liability Management,
4 World Financial Center, 7th Floor, New York, NY 10080, phone (212) 449-4914
(collect), (888) 654-8637 (toll free), which is acting as solicitation agent for
the consent solicitation.
This
press release does not constitute a solicitation of consents with respect to any
Notes. The consent solicitation is being made solely pursuant to the Consent
Solicitation Statement and related documents. Neither the consent solicitation
nor this press release constitute an offer to buy or the solicitation of an
offer to sell Notes in any circumstance or jurisdiction in which such offer or
solicitation is unlawful.
About
DRS Technologies
DRS
Technologies, headquartered in Parsippany, New Jersey, is a leading supplier of
integrated products, services and support to military forces, government
agencies and prime contractors worldwide. For more information about DRS
Technologies, please visit www.drs.com.
About
Finmeccanica
Headquartered
in Italy, Finmeccanica is a leading global high-technology company with core
competencies in the design and manufacture of helicopters, civil and military
aircraft, aero structures, satellites, space infrastructure, missiles, defense
electronics and security. The company employs more than 70,000 people worldwide.
For more information about Finmeccanica, please visit www.finmeccanica.com.
SAFE
HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
This press release contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, that are based on management's
beliefs and assumptions, current expectations, estimates and projections. Such
statements, including statements relating to DRS Technologies’ expectations for
future financial performance, are not considered historical facts and are
considered forward-looking statements under the federal securities laws. These
statements may contain words such as “may,” “will,” “intend,” “plan,” “project,”
“expect,” “anticipate,” “could,” “should,” “would,” “believe,” “estimate,”
“contemplate,” “possible” or similar expressions. These statements are not
guarantees of DRS Technologies’ future performance and are subject to risks,
uncertainties and other important factors that could cause actual performance or
achievements to differ materially from those expressed or implied by these
forward-looking statements and include, without limitation, demand and
competition for DRS Technologies’ products and other risks or uncertainties
detailed in DRS Technologies’ U.S. Securities and Exchange Commission filings,
which DRS Technologies now files on a voluntary basis. Given these
uncertainties, you should not rely on forward-looking statements. Such
forward-looking statements speak only as of the date on which they were made,
and DRS Technologies undertakes no obligations to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
For
information contact:
Finmeccanica S.p.A. Investor
Relations
John
D. Stewart
Vice
President, Investor Relations
+39
06 32473 290
Raffaella
Luglini
Investor
Relations Officer
+39
06 32473 066
DRS Technologies Bondholder
Contacts:
Patricia
M. Williamson
Vice
President
(973)
898-6025
J.
Patrick Fuhrmann
Director
(973)
451-3530
Finmeccanica Media
Contacts:
Finmeccanica
S.p.A
+39 06 32473 313
Richard Coltart
Vice President, International Media
Relations
+44 789 400 5842
+44 789 400 5837
Dan Hill
Roberto Alatri
Vice President, Press Office
+39 347 4184 430
Roberta Acocella
Head of Periodical Trade
Press
+39 335 5335 262
roberta.acocella@finmeccanica.com
DRS
Technologies Media Contact:
Richard M. Goldberg
Vice President, Public
Affairs
