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Huntington Ingalls downsizes term A to $575 million as notes upsized
By Sara Rosenberg and Paul A. Harris
New York, March 4 - Huntington Ingalls Industries Inc. reduced its term loan A to $575 million from $600 million as its senior unsecured bond offering was increased to $1.2 billion from $1.175 billion, according to sources.
The now $1.225 billion senior secured credit facility (Baa3/BB+/BBB-) due 2016, down from $1.25 billion, also includes a $650 million revolver.
J.P. Morgan is the left lead bank on the deal.
Proceeds from the credit facility and the bonds will be used to help fund the company's spinoff from Northrop Grumman Corp.
Huntington Ingalls is a Newport News, Va.-based designer, builder and repairer of ships.
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