General Dynamics will conduct five-tranche sale of fixed-rate notes

By Devika Patel

Knoxville, Tenn., March 23 – General Dynamics Corp. intends to price an offering of dollar-denominated fixed-rate notes in five tranches due 2025, 2027, 2030, 2040 and 2050, according to a 424B5 filed with the Securities and Exchange Commission.

The notes will have make-whole calls until the par call date and par calls after that. The par call date is one month prior to maturity for the 2025 notes, two months prior to maturity for the 2027 notes, three months prior to maturity for the 2030 notes, six months prior to maturity for the 2040 notes and six months prior to maturity for the 2050 notes.

Wells Fargo Securities LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used to repay the company's $2 billion 2.875% notes due 2020 upon maturity, to repay $500 million of floating-rate notes due 2020 upon maturity and for general corporate purposes.

Based in Falls Church, Va., General Dynamics is an aerospace and defense company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.