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Raytheon Completes Financial Recapitalization of Flight Options

Raytheon Company, on June 12, 2003, completed a financial recapitalization of Flight Options, LLC, a Cleveland based provider of fractional shares of new and used jet aircraft, that resulted in Raytheon owning approximately 65% of the company. The fractional jet ownership business allows several owners to own a share of a jet, with each owner entitled to a fixed amount of annual flight time.

In March 2002, Raytheon’s fractional aircraft company, Raytheon Travel Air, merged with Flight Options, Inc. to form Flight Options, LLC. Following this deal, Raytheon owned 49.9% of the company. Other Flight Options, LLC shareholders include Brantley Partners, Brantley Capital and Monitor Clipper Equity Partners.

As part of the recent transaction, Raytheon exchanged certain Flight Options debt for equity in the recapitalized company. Raytheon also has committed to invest additional capital in Flight Options on an as-needed basis over the next 18 months and provide secured aircraft and retail financing over the next three years.

Team: Michael Gold, Greg Golden, Brett Scharback, Almira Saenz and Stephanie Smith, all of Washington; Greg Nelson, Michael Mabe and Richard Brooks, all of Houston; and Bill Stutts, Shelley Austin, Elise Furtwangler and Melissa Plumlee, all of Austin, represented Raytheon. Legal assistants Lauren Weissman and Kirsten Solberg, both of Washington, provided support to the entire transaction team.