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Northrop Grumman Corp Prices $2.85 Billion Debt Offering

Tuesday, 28 May 2013 05:49pm EDT 

Northrop Grumman Corp announced that it has priced a $2.85 billion underwritten public offering of senior unsecured notes. The notes include: $850 million of 1.75% senior notes due June 1, 2018 $1,050 million of 3.25% senior notes due August 1, 2023 $950 million of 4.75% senior notes due June 1, 2043 Northrop Grumman expects to use the net proceeds from the offering to fund the redemption of its then outstanding 3.70% senior notes due 2014 (the 2014 Notes) and its then outstanding 1.850% senior notes due 2015 (the 2015 Notes) and for general corporate purposes, including debt repayment, share repurchases, pension plan funding, acquisitions and working capital. 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. The offering is expected to close on May 31, 2013, subject to customary closing conditions. 

Company Quote

0.85 +0.61%
11:24am EST