Lockheed Martin plans notes in three parts via Wells Fargo, BofA

By Devika Patel

Knoxville, Tenn., April 21 – Lockheed Martin Corp. plans to price fixed-rate notes in three tranches, according to a 424B5 filed with the Securities and Exchange Commission.

The notes have make-whole calls followed by par calls.

Wells Fargo Securities LLC and BofA Securities Inc. are the bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Counsel to the issuer is provided by Hogan Lovells US LLP and to the underwriters by Davis Polk & Wardwell LLP.

The Bethesda, Md.-based security and aerospace company plans to use the proceeds to redeem all $500 million of its 3.1% notes due 2023 and $750 million of its 2.9% notes due 2025. The balance of the net proceeds will be used to redeem some of the company’s $2 billion of 3.55% notes due 2026.

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