Defence and aerospace giant Northrop Grumman has agreed a new US$1.775bn five-year revolving credit facility with its relationship banks. The senior unsecured facility, which is being provided by JP Morgan Chase Bank, RBS, Citibank and Wells Fargo, will…
Defence and aerospace giant Northrop Grumman has agreed a new US$1.775bn five-year revolving credit facility with its relationship banks.
The senior unsecured facility, which is being provided by JP Morgan Chase Bank, RBS, Citibank and Wells Fargo, will replace the company’s existing 5-year US$1.5bn revolving credit facility, secured in September 2011, as well as its US$500m 364-day revolver that it entered into in September 2012.
Northrop last tapped the capital markets back in May when it raised US$2.85bn through a triple tranche bond offering.
That issuance comprised US$850m of 1.75% senior notes due June 2018, US$1.05bn of 3.25% senior notes due August 2023, and US$950m of 4.75% senior notes due June 2043.
Citigroup, JP Morgan, RBS and Wells Fargo were joint book-running managers on the issue on the financing along with Deutsche Bank and Goldman Sachs.
