Rockwell Collins announces $200 million long-term debt offering

CEDAR RAPIDS, Iowa (November 17, 2003) - Rockwell Collins, Inc. (NYSE: COL) today announced it will be issuing $200 million of long-term senior unsecured notes, subject to customary closing conditions.

The offering consists of notes with a coupon value of 4.75% priced to yield 4.772% with a maturity of 10 years. The Company is simultaneously entering into a 10 year interest rate swap transaction converting $100 million of the notes to floating rate based on LIBOR. The offering is being underwritten by a syndicate of financial institutions led by J. P. Morgan Chase and Banc of America.

"The purpose of this long-term borrowing is to take advantage of the current low interest rates and align our capital structure to be consistent with our long-term growth plans," said Rockwell Collins Chief Financial Officer Larry Erickson.

The proceeds from the offering will be used for general corporate purposes, including repayment of outstanding commercial paper and the pending acquisition of NLX LLC.

Rockwell Collins is a leader in the design, production and support of communications and aviation electronics solutions for government and commercial customers worldwide. Additional information is available at www.rockwellcollins.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering may be made only be the means of a prospectus and the related prospectus supplement, copies of which may be obtained from J.P. Morgan Chase, 277 Park Avenue, 16th Floor, New York, NY 10172.

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