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NORTHROP GRUMMAN CORPORATION

(NOC)
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Northrop Grumman Corporation Completes Previously Announce Offers to Exchange Any and All Outstanding Debentures

09/03/2021 | 09:16am EDT

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.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 36 254 M - -
Net income 2021 5 123 M - -
Net Debt 2021 7 982 M - -
P/E ratio 2021 12,5x
Yield 2021 1,55%
Capitalization 63 301 M 63 301 M -
EV / Sales 2021 1,97x
EV / Sales 2022 1,87x
Nbr of Employees 97 000
Free-Float 99,3%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 395,36 $
Average target price 404,94 $
Spread / Average Target 2,42%
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Managers and Directors
Kathy J. Warden Chairman, President & Chief Executive Officer
David F. Keffer Chief Financial Officer & Vice President
Richard Scott Stapp Chief Technology Officer
Carl Hahn Chief Compliance Officer & Vice President
Donald E. Felsinger Lead Independent Director
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