By Andrea Heisinger
New York, June 19 - General Dynamics Corp. priced an upsized $750 million 1.8% two-year notes Friday to yield Treasuries plus 80 basis points, a market source said.
The size was originally $500 million, the source said.
The notes (A2/A/A) priced at 99.554 to yield 2.022%.
Bookrunners were Banc of America Securities LLC, J.P. Morgan Securities Inc. and RBS Securities Inc.
Proceeds are going to fund a portion of the $643 million purchase price for the proposed acquisition of Axsys Technologies, Inc. Any remainder will be used to repay borrowings under a commercial paper program and for other corporate purposes.
The defense industry contractor for aerospace, weaponry, ship building and information technology is based in Fairfax, Va.
| Issuer: | General Dynamics Corp.
|
| Issue: | Notes
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | July 15, 2011
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., RBS Securities Inc.
|
| Coupon: | 1.8%
|
| Price: | 99.554
|
| Yield: | 2.022%
|
| Spread: | Treasuries plus 80 bps
|
| Trade date: | June 19
|
| Settlement date: | June 24
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
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