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Northrop Grumman Corp Announces Debt Redemption And Commences Debt Offering


Tuesday, 28 May 2013 09:57am EDT 

Northrop Grumman Corp announced that it will redeem for cash all of its then outstanding 3.70% Senior Notes due 2014 and all of its then outstanding 1.850% Senior Notes due 2015 on June 27, 2013. Each series of Notes will be redeemed at a price equal to the sum of (i) 100% of the principal amount outstanding, (ii) a make-whole premium, which will be calculated three business days prior to the redemption date in accordance with the Notes and the indenture governing the applicable series of Notes, and (iii) accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Northrop Grumman currently expects the make-whole premiums to result in a one-time, pre-tax charge of approximately $30 million in the second quarter of 2013. As of the date of this press release, $350 million aggregate principal amount of the 2014 Notes and $500 million aggregate principal amount of the 2015 Notes were outstanding. Northrop Grumman also announced that it has commenced an underwritten offering of senior unsecured notes under its effective shelf registration statement. Northrop Grumman expects to use the net proceeds from the offering to redeem the Notes and for general corporate purposes, including debt repayment, share repurchases, pension plan funding, acquisitions and working capital. 

Company Quote

128.22
0.05 +0.04%
21 Aug 2014