Northrop Grumman completes $421M debt exchange, swaps sub notes for parent notes

NORTHROP GRUMMAN CORP /DE/

Exchanged $421M aggregate principal of six NGSC debenture series for new Northrop Grumman senior notes and $2.1M cash.
New notes issued by parent: 7.875% due 2026, 7.750% due 2026, 6.650% due 2028, 7.750% due 2029, 7.750% due 2031, 6.980% due 2036.
Consent solicitations adopted for Existing 6.650% 2028 and 7.750% 2029 notes; removed restrictive covenants and terminated parent guarantee on those series.
Existing 7.875% 2026, 7.750% 2026, 7.750% 2031, and 6.980% 2036 notes remain guaranteed by Northrop Grumman after exchange.
Dealer managers: BofA Securities, BNP Paribas Securities, Wells Fargo Securities; registration rights agreement grants exchange/registration rights.

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