New Issue: Lockheed Martin sells $2 billion of notes due 2029, 2034, 2064

By Wendy Van Sickle

Columbus, Ohio, Jan. 25 – Lockheed Martin Corp. priced $2 billion of notes in three parts (A3/A-/A-) on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The company sold $650 million of 4.5% five-year notes at 99.799 to yield 4.549%. The spread was 53 basis points over Treasuries.

The middle tranche priced as $600 million of 4.8% notes due Aug. 15, 2034 with a 99.965 discount to yield 4.804%, or Treasuries plus 68 bps.

The $750 million tranche due Feb. 15, 2064 priced as 5.2% notes at 99.679 to yield 5.219%. The spread over the benchmark Treasury was 83 bps.

Morgan Stanley & Co. LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC were the bookrunners.

Barclays and J.P. Morgan Securities LLC were the senior joint lead managers.

Joint lead managers are ANZ Securities, Inc., BNY Mellon Capital Markets, LLC, Lloyds Securities Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC, UniCredit Capital Markets LLC and U.S. Bancorp Investments, Inc.

Proceeds from the offering will be used for general corporate purposes, including stock repurchases.

The security and aerospace company is based in Bethesda, Md.

Issuer:	Lockheed Martin Corp.
Amount:	$2 billion
Issue:	Notes
Bookrunners:	Morgan Stanley & Co. LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC
Senior joint lead managers:	Barclays and J.P. Morgan Securities LLC
Joint lead managers:	ANZ Securities, Inc., BNY Mellon Capital Markets, LLC, Lloyds Securities Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC, UniCredit Capital Markets LLC and U.S. Bancorp Investments, Inc.
Senior co-managers:	ANZ Securities, Inc. and Fifth Third Securities, Inc.
Co-managers:	Academy Securities, Inc., Blaylock Van, LLC, CastleOak Securities, LP, Drexel Hamilton, LLC, MFR Securities, Inc., Mischler Financial Group, Inc., Samuel A. Ramirez & Co., Inc. and R. Seelaus & Co., LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Hogan Lovells US LLP
Counsel to underwriters:	Davis Polk & Wardwell LLP
Trade date:	Jan. 25
Settlement date:	Jan. 29
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered
2029 notes
Amount:	$650 million
Maturity:	Feb. 15, 2029
Coupon:	4.5%
Price:	99.799
Yield:	4.549%
Spread:	Treasuries plus 53 bps
Call features:	Make-whole call at Treasuries plus 10 bps until Jan. 15, 2029; thereafter at par
Cusip:	539830CC1
2034 notes
Amount:	$600 million
Maturity:	Aug. 15, 2034
Coupon:	4.8%
Price:	99.965
Yield:	4.804%
Spread:	Treasuries plus 68 bps
Call features:	Make-whole call at Treasuries plus 15 bps until May 15, 2034; thereafter at par
Cusip:	539830CD9
2064 notes
Amount:	$750 million
Maturity:	Feb. 15, 2064
Coupon:	5.2%
Price:	99.679
Yield:	5.219%
Spread:	Treasuries plus 83 bps
Call features:	Make-whole call at Treasuries plus 15 bps until Aug. 15, 2063; thereafter at par
Cusip:	539830CE7

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