Key Developments: GenCorp Inc (GY)
13.86USD
17 May 2013
$0.07 (+0.51%)
$13.79
$13.80
$13.89
$13.68
712,519
854,898
$13.97
$5.69
Latest Key Developments (Source: Significant Developments)
Gencorp Inc Announces Closing of $460 million Second-Priority Senior Secured Notes Offering
Gencorp Inc announced that it has closed the offering of $460 million aggregate principal amount of its 7.125% Second-Priority Senior Secured Notes due 2021 (the "Notes"). The Notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in accordance with Regulation S under the Securities Act. United Technologies Corporation's Pratt & Whitney Rocketdyne business (the "Acquisition") announced on July 23, 2012, and to pay related fees and expenses. The gross proceeds from the Notes offering have been deposited into escrow pending the consummation of the proposed Acquisition. If the Acquisition is not consummated on or prior to July 21, 2013 (subject to a one-month extension upon satisfaction of certain conditions) or upon the occurrence of certain other events, GenCorp will be required to redeem the Notes at a price equal to 100% of the issue price of the Notes, plus accrued and unpaid interest, if any, to, but not including the date of redemption. Full Article
Gencorp Inc Announces Pricing Of $460 million Second-Priority Senior Secured Notes
Gencorp Inc announced that it has priced an offering of $460 million aggregate principal amount of its 7.125% Second-Priority Senior Secured Notes due 2021 (the Notes). The Notes will be sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States in accordance with Regulation S under the Securities Act. GenCorp expects the offering to close on January 28, 2013, subject to customary closing conditions. GenCorp intends to use the net proceeds of the Notes offering to fund, in part, the proposed acquisition of United Technologies Corporation's Pratt & Whitney Rocketdyne business (the Acquisition) announced on July 23, 2012, and to pay related fees and expenses. The gross proceeds from the Notes offering will be deposited into escrow pending the consummation of the proposed Acquisition. If the Acquisition is not consummated on or prior to July 21, 2013 (subject to a one-month extension upon satisfaction of certain conditions) or upon the occurrence of certain other events, GenCorp will be required to redeem the Notes at a price equal to 100% of the issue price of the Notes, plus accrued and unpaid interest, if any, to, but not including the date of redemption. Full Article
Gencorp Inc Announces Proposed Offering Of Second-Priority Senior Secured Notes due 2021
Gencorp Inc announced that it intends to offer, subject to market and other conditions, $460.0 million aggregate principal amount of Second-Priority Senior Secured Notes due 2021 (the Notes) in a private placement. GenCorp intends to use the net proceeds of the Notes offering to fund, in part, the proposed acquisition of United Technologies Corporation's Pratt & Whitney Rocketdyne business (the Acquisition) announced on July 23, 2012, and to pay related fees and expenses. The gross proceeds from the Notes offering will be deposited into escrow pending the consummation of the proposed Acquisition. If the Acquisition is not consummated on or prior to July 21, 2013 (subject to a one-month extension upon satisfaction of certain conditions) or upon the occurrence of certain other events, GenCorp will be required to redeem the Notes at a price equal to 100% of the issue price of the Notes, plus accrued and unpaid interest, if any, to, but not including the date of redemption. Full Article
Gencorp Inc Receives Modification to FTC's Second Request in Connection With Proposed Acquisition of Pratt & Whitney Rocketdyne from United Technologies Corporation
Gencorp Inc announced that it has received a modification to the request for additional information (Second Request) from the Federal Trade Commission (FTC) in connection with the Company's proposed acquisition of Pratt & Whitney Rocketdyne from United Technologies Corporation. The modification excludes large and medium liquid rocket engines for launch vehicles and spacecraft from the scope of the FTC's investigation of the proposed acquisition. United Technologies has received a similar modification to the Second Request letter it received. At this time, the FTC's investigation of the proposed acquisition is limited to the Liquid Divert and Attitude Control Systems (LDACS) businesses of the Company and United Technologies. The Company is in the process of preparing its LDACS business for sale to facilitate an expeditious completion of the FTC's investigation. The Company expects to continue working cooperatively with the FTC as it conducts its review of the proposed acquisition. Full Article
Gencorp Inc Secures SM-3 Solid Divert And Attitude Control System Contract
Aerojet, a GenCorp company, announced that the Missile Defense Agency (MDA) has awarded the company a multi-million dollar contract to develop advanced Solid Divert and Attitude Control System (SDACS) technologies for the Standard Missile-3 (SM-3) Block IIB interceptor. This development contract will advance SDACS technology to increase flight duration, mission flexibility and overall performance required for the SM-3 IIB missile, ultimately reducing technical risk for the future SM-3 IIB Missile Product Development Phase. Full Article
Gencorp Inc Enters Into Definitive Agreement To Acquire Pratt & Whitney Rocketdyne From United Technologies Corporation
Gencorp Inc announced that it has signed a definitive agreement to acquire Pratt & Whitney Rocketdyne (PWR) from United Technologies Corporation for $550 million. The purchase price of $550 million, which is subject to adjustment for working capital and other specified items, is expected to be financed with a combination of cash on hand and issuance of debt. Citigroup Global Markets Inc. is acting as exclusive financial advisor to GenCorp for this transaction. In addition, Morgan Stanley Senior Funding LLC and Citigroup Global Markets Inc. are providing fully committed financing to support this transaction. Full Article
United Technologies Corp. In Talks To Sell Rocketdyne Business To Gencorp Inc To Focus On Closing $16.5 Billion Acquisition Of Goodrich Corporation-Reuters
Reuters reported that United Technologies Corp. is in final discussions to sell its Rocketdyne business to Gencorp Inc, a maker of aerospace propulsion systems. The deal, which may come late this week or early next week, represents part of the diversified U.S. conglomerate's efforts to divest non-core units and focus on closing its $16.5 billion acquisition of aircraft component maker Goodrich Corporation. The companies are still working out final details of the transaction and the talks could still fall apart, the people cautioned, asking not to be identified because the matter is not public. Full Article
NASA Selects GenCorp Inc's Aerojet for Space Launch System
GenCorp Inc announced that it was one of a number of firms selected to develop engineering demonstrations and risk reduction concepts for NASA's Space Launch System (SLS). Full Article
GenCorp's Aerojet To Complete Throttling Divert And Attitude Control System Development For SM-3 Block IIA Missile
GenCorp's Aerojet announced that it has been competitively selected by Raytheon Missile Systems to complete the development of the Throttling Divert and Attitude Control System (TDACS) for the Standard Missile-3 (SM-3) Block IIA program, an advanced version of the SM-3 in development. The development contract will extend through 2016 and will be followed by a planned production program. The SM-3 Block IIA program is the third phase of the president's Phased Adaptive Approach. Under contract to MDA and the Japanese Ministry of Defense, Raytheon and Mitsubishi Heavy Industries are developing the SM-3 Block IIA missile. The new missile will encompass larger second- and third-stage rocket motors and a larger kinetic warhead to provide a greater area of defense against more sophisticated threats. Full Article
GenCorp's Aerojet Engine Helps Launch GRAIL Lunar Mission
Aerojet, a GenCorp company, announced that its AJ10 engine powered the second stage of Delta II launch carrying a new generation of lunar exploration spacecraft. Under contract to United Launch Alliance, Aerojet's AJ10 hypergolic engine provided 10,000 lbs. of thrust during the launch of NASA's Gravity Recovery and Interior Laboratory (GRAIL) mission. Full Article
TEXT - S&P rates GenCorp notes 'B-'
Overview -- GenCorp announced plans to issue $460 million in new senior secured notes to largely fund the previously announced $550 million acquisition of Pratt & Whitney Rocketdyne from United Technologies. -- We are assigning a 'B-' issue rating to the new secured notes with a '5' recovery rating and affirming our 'CCC+' issue rating on GenCorp's outstanding $200 million in convertible notes. -- Our 'B' corporate credit rating and stable outlook on the company are unchanged.
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