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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): June 13, 2003
RAYTHEON COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-13699 95-1778500
(State of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
141 Spring Street
Lexington, Massachusetts 02421
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (781) 862-6600
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Item 9. Regulation FD Disclosure
On June 13, 2003, Raytheon Company issued a press release
announcing that its wholly owned subsidiary, Raytheon Travel Air, and
the other investors in Flight Options LLC, have completed a financial
recapitalization agreement that results in Raytheon owning approximately a
65 percent interest in Flight Options LLC. A copy of the press release is
attached as Exhibit 99.1.
SIGNATURE
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.
Dated: June 13, 2003
RAYTHEON COMPANY
By: /s/ Edward S. Pliner
Edward S. Pliner
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
99.1 Press release dated June 13, 2003 issued by Raytheon Company
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EXHIBIT 99.1
Flight Options LLC Investors Complete Financial Recapitalization Agreement
LEXINGTON, Mass., (June 13, 2003) - Raytheon Company's (NYSE: RTN) wholly owned
subsidiary, Raytheon Travel Air, and the other investors in Flight Options LLC
have completed a financial recapitalization agreement that results in Raytheon
owning approximately a 65 percent interest in Flight Options LLC.
As part of the recapitalization agreement, Raytheon exchanged certain Flight
Options LLC debt it holds for equity. Raytheon also has committed to invest
certain additional capital on an as needed basis over the next 18 months
in Flight Options LLC and provide secured aircraft and retail financing over the
next three years. As a result of this transaction, Raytheon will begin to
consolidate Flight Options LLC's financial results and reduce its reported
aircraft backlog by approximately $850 million as previously disclosed. Raytheon
does not expect this agreement to have a material effect on the company's
financial position or results from operations in 2003.
"Raytheon is pleased to participate in the recapitalization of Flight Options,"
said Ed Pliner, Raytheon's chief financial officer. "We believe this
recapitalization will provide Flight Options with the resources to achieve its
business objectives."
"Raytheon's investment will allow Flight Options to grow and continue to exceed
our customer's expectations for safety, service and value," said John Nahill,
chief executive officer of Flight Options LLC. "With this transaction complete,
we look forward to introducing new products and programs for our owners, which
will continue our tradition of bringing innovative and value oriented products
to the marketplace."
Other Flight Options LLC shareholders include Brantley Partners, Brantley
Capital and Monitor Clipper Equity Partners.
Raytheon Company, with 2002 sales of $16.8 billion, is an industry leader in
defense, government and commercial electronics, space, information technology,
technical services, and business and special mission aircraft. With headquarters
in Lexington, Mass., Raytheon employs more than 76,000 people worldwide.