Northrop Grumman Corporation Completes Previously Announce Offers to Exchange Any and All Outstanding Debentures
September 03, 2021 at 09:16 am EDT
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On September 2, 2021, Northrop Grumman Corporation completed its previously announced offers to exchange any and all outstanding (i) 7.875% Debentures due 2026 (the Existing 7.875% 2026 Notes), (ii) 7.750% Debentures due 2026 (the Existing 7.750% 2026 Notes), (iii) 6.650% Debentures due 2028 (the Existing 6.650% 2028 Notes), (iv) 7.750% Debentures due 2029 (the Existing 7.750% 2029 Notes), (v) 7.750% Debentures due 2031 (the Existing 7.750% 2031 Notes) and (vi) 6.980% Debentures due 2036 (the Existing 6.980% 2036 Notes and, together with the Existing 7.875% 2026 Notes, the Existing 7.750% 2026 Notes, the Existing 6.650% 2028 Notes, the Existing 7.750% 2029 Notes and the Existing 7.750% 2031 Notes, the Existing Notes) of the Company’s direct, wholly-owned subsidiary, Northrop Grumman Systems Corporation, a Delaware corporation (“NGSC”), for (1) new notes (as described below) issued by the Company and (2) cash. Pursuant to the Exchange Offers, the following aggregate principal amounts of Existing Notes were tendered and accepted and will be subsequently canceled: (i) 76,490,000 in aggregate principal amount of Existing 7.875% 2026 Notes; (ii) 47,828,000 in aggregate principal amount of Existing 7.750% 2026 Notes; (iii) 38,859,000 in aggregate principal amount of Existing 6.650% 2028 Notes; (iv) 79,323,000 in aggregate principal amount of Existing 7.750% 2029 Notes; (v) 166,872,000 in aggregate principal amount of Existing 7.750% 2031 Notes; and (vi) 12,300,000 in aggregate principal amount of Existing 6.980% 2036 Notes. Following such cancellation, NGSC will have outstanding (i) $193,360,000 aggregate principal amount of Existing 7.875% 2026 Notes, (ii) $208,861,000 aggregate principal amount of Existing 7.750% 2026 Notes, (iii) $2,346,000 aggregate principal amount of Existing 6.650% 2028 Notes, (iv) $10,617,000 aggregate principal amount of Existing 7.750% 2029 Notes, (v) $299,618,000 aggregate principal amount of Existing 7.750% 2031 Notes and (vi) $34,715,000 aggregate principal amount of Existing 6.980% 2036 Notes. Pursuant to the Exchange Offers, in addition to issuing the new notes described below, the Company paid aggregate cash consideration of $2,108,710 (representing the aggregate $2,108,360 in cash consideration and $350 in cash in lieu of any fractional portion of New Notes) to holders of Existing Notes who validly tendered and did not validly withdraw their Existing Notes in the Exchange Offers.
Northrop Grumman Corporation is one of the American leaders of the design, manufacturing and marketing of defense systems and equipments. Net sales break down by family of products as follows:
- space systems (35.5%);
- mission systems (27.7%): radar, sensors, air traffic control systems, communications, surveillance, etc. The group also offers information and command systems;
- aeronautics systems (27.5%): autonomous and manned aircraft systems, space vehicles, surveillance and reconnaissance systems, command and control systems, etc.;
- defense systems (14.9%): weapons, combat management systems, missile systems, etc.
Net sales break down geographically as follows: the United States (87.5%), Europe (6.2%), Asia/Pacific (4%) and other (2.3%).
NORTHROP GRUMMAN CORPORATION 
