Lockheed Martin Corporation
The retirement of the approximately $1.9 billion of outstanding debt securities tendered will result in a nonrecurring and unusual after-tax charge on early extinguishment of debt of approximately $95 million for Lockheed Martin in the fourth quarter of 2000 and is expected to reduce Lockheed Martin's annualized pretax interest expense by approximately $150 million, going forward.
Credit Suisse First Boston Corporation served as Dealer Manager for the tender offers.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced technology systems, products and services. Lockheed Martin's core businesses are systems integration, space, aeronautics and technology services. Lockheed Martin had 1999 sales surpassing $25 billion.
News Media Contact: Hugh Burns, 301-897-6308 Investor Contacts: James R. Ryan, 301-897-6584
LOCKHEED MARTIN SAFE HARBOR STATEMENT: Statements in this press release are considered forward-looking statements under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, including the statements relating to projected future financial performance. Sometimes these statements will contain words such as "believes," "expects," "intends," "plans" and other similar words. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we may project. Some of the factors which may affect the forward-looking statements in this press release include the Corporation's future cash flows and borrowing needs, operating performance and future interest rates, the political and economic climate domestically and internationally and other general economic, financial and market conditions. In addition, our filings with the Securities and Exchange Commission (http://www.sec.gov/ ), set forth factors which could affect the forward- looking statements contained in this press release. These are only some of the many factors which may affect the forward-looking statements in this press release.
SOURCE: Lockheed Martin
Contact: Media: Hugh Burns, 301-897-6308; or Investor Contacts: James R.
Ryan, 301-897-6584; both of Lockheed Martin Corporation
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800-758-5804, ext. 534163