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Raytheon Settles Equity Security Unit Purchase Contracts

    WALTHAM, Mass., May 18  /PRNewswire-FirstCall/ -- As previously disclosed
in SEC filings, Raytheon Company (NYSE: RTN), issued 8.25% equity security
units totaling $863 million in May 2001.  Each equity security unit consisted
of a contract to purchase shares of the Company's common stock on May 15, 2004
and a mandatorily redeemable equity security, with a stated liquidation amount
of $50 due on May 15, 2006.  The contract obligated the holder to purchase,
for $50, shares of common stock at a settlement rate based on the average of
the 20 consecutive trading days starting April 15, 2004.

    On May 18, 2004, the Company settled the purchase contracts by delivering
27,013,156 shares of common stock to the holders of the units at a settlement
rate of 1.5660 shares per unit.  The Company received approximately $863
million pursuant to the issuance.

    Raytheon Company (NYSE: RTN), with 2003 sales of $18.1 billion, is an
industry leader in defense and government electronics, space, information
technology, technical services, and business and special mission aircraft.
With headquarters in Waltham, Mass., Raytheon employs 78,000 people worldwide.

   James Fetig

SOURCE: Raytheon Company

Web site:  http://www.raytheon.com/

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