SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) October 16, 2003
DRS TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-08533 13-2632319
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
5 Sylvan Way, Parsippany, New Jersey 07054
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (973) 898-1500
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None
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On October 16, 2003, DRS Technologies, Inc. (DRS) issued a press
release announcing the terms of an offering of $350 million of its 6-7/8% senior
subordinated notes due 2013. The transaction is expected to close on October 30,
2003.
DRS intends to use the net proceeds from the offering, together with a
portion of its available cash and initial borrowings under an amended and
restated credit facility, to fund the merger of Integrated Defense Technologies,
Inc. (NYSE: IDE) into a wholly-owned subsidiary of DRS, to repay certain of its
and Integrated Defense Technologies' outstanding indebtedness, and to pay
related fees and expenses. Pending the consummation of the transaction and
certain other events, the proceeds of the offering will be held in escrow. The
notes are subject to special redemption on December 16, 2003 at a redemption
price equal to 100 percent of the aggregate principal amount of the notes, plus
accrued interest to the date of redemption, in the event that the merger and
other events are not consummated by December 15, 2003.
The notes due 2013 have not been registered under the Securities Act
and may not be offered or sold in the United States without registration or an
applicable exemption from the registration requirements.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1 Registrant's Press Release, dated October 16, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DRS TECHNOLOGIES, INC.
Dated: October 16, 2003 By: /s/ RICHARD A. SCHNEIDER
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Name: Richard A. Schneider
Title: Executive Vice President,
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Registrant's Press Release, dated October 16, 2003