Northrop Grumman Announces Pricing of Cash Tender Offers for Northrop Grumman Systems Corporation Debt Securities
LOS ANGELES, Nov. 8, 2010 /PRNewswire-FirstCall/ -- Northrop Grumman Corporation (NYSE: NOC) announced today the pricing of the previously announced cash tender offers for any and all of an aggregate $1.919 billion of Northrop Grumman Systems Corporation (NGSC) debt securities (Notes) on the terms and conditions set forth in the NGSC Offers to Purchase dated November 1, 2010, and related Letters of Transmittal. The tender offers expire at 5 p.m., New York City time, today.
The consideration to be paid for each $1,000 principal amount of the Notes validly tendered and accepted pursuant to the NGSC Offers to Purchase is detailed in Table 1. In addition to the applicable tender offer consideration, all holders of Notes accepted for purchase will receive accrued and unpaid interest from the last interest payment date up to but not including the settlement date, which is expected to be November 9, 2010.
Deutsche Bank Securities Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are acting as Lead Dealer Managers and BNP Paribas Securities Corp., Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities, LLC are acting as Co-Dealer Managers for the NGSC Offers. Questions about the NGSC Offers may be directed to Deutsche Bank Securities at (866) 627-0391 (toll free) or (212) 250-2955 (collect), Goldman, Sachs & Co. at (800) 828-3182 (toll free) or (212) 902-5128 (collect), or J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-2494 (collect). Copies of the Offers to Purchase, Letters of Transmittal and other related documents may be obtained by calling Global Bondholder Services at (866) 804-2200 (toll free) or (212) 430-3774 (collect).
Table 1 - Northrop Grumman Systems Corporation
Notes |
CUSIP Number |
Outstanding Principal Amount |
Reference U.S. Treasury Security |
Reference U.S. Treasury Yield |
Fixed Spread (basis points) |
Consideration per $1,000 Principal Amount |
|
7.75% notes due 3/1/2016 |
666807AP7 |
$300,000,000 |
1.25% due 10/31/2015 |
1.130% |
60 |
$1,304.19 |
|
7.875% notes due 3/1/2026 |
666807AQ5 |
$300,000,000 |
4.375% due 5/15/2040 |
4.146% |
65 |
$1,331.15 |
|
7.75% notes due 3/15/2026 |
538021AC0 |
$300,000,000 |
4.375% due 5/15/2040 |
4.146% |
65 |
$1,318.27 |
|
7.75% notes due 6/1/2029 |
872649BH0 |
$168,818,000 |
4.375% due 5/15/2040 |
4.146% |
80 |
$1,337.96 |
|
7.75% notes due 2/15/2031 |
666807AW2 |
$750,000,000 |
4.375% due 5/15/2040 |
4.146% |
80 |
$1,356.19 |
|
6.98% notes due 3/15/2036 |
538021AH9 |
$100,000,000 |
4.375% due 5/15/2040 |
4.146% |
90 |
$1,274.82 |
|
Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide. Please visit www.northropgrumman.com for more information.
SOURCE Northrop Grumman Corporation
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