DRS Technologies, Inc., a subsidiary of Finmeccanica S.p.A. (FNC.MI),
today announced, in accordance with the indenture governing its 2%
Convertible Senior Notes due 2026 (the "Notes"), the results of its
offer to purchase any or all of the outstanding Notes for cash equal to
100% of the principal amount of such Notes, plus any accrued and unpaid
interest to, but excluding December 12, 2008 – the fundamental change
purchase date. The offer was governed by the terms and conditions set
forth in the Notice of Fundamental Change and Offer to Purchase, dated
November 12, 2008 (the "Offer to Purchase") and expired at 5:00 p.m. EST
on December 11, 2008.
The holders of the entire $345,000,000 aggregate principal amount of
Notes originally issued by DRS Technologies have converted their Notes
into cash at a conversion rate of 17.2875, as a result of which holders
received $1,400.2875 of cash per $1,000 principal amount of the Notes.
Accordingly, as of 5:00 p.m. EST on December 11, 2008, the expiration
time of the offer, no Notes had been validly tendered by their holders,
accepted or purchased by DRS Technologies pursuant to the Offer to
Purchase. No Notes remain outstanding.
Questions regarding the Notes or the Offer to Purchase should be
directed to DRS Technologies, Inc., Attention: Patricia Williamson, 5
Sylvan Way, Parsippany, New Jersey 07054, phone (973) 898-1500.
This press release does not constitute an offer to buy or the
solicitation of an offer to sell Notes in any circumstances 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.
