By Andrea Heisinger
New York, Nov. 13 - Lockheed Martin Corp. sold $1.5 billion of unsecured notes (Baa1/A-/A-) in two tranches on Friday, a source close to the sale said.
The $900 million of 4.25% 10-year notes priced at 99.093 to yield 4.363% and have a spread of Treasuries plus 93 basis points. There is a make-whole call at Treasuries plus 15 bps.
A $600 million tranche of 5.5% 30-year notes priced at 99.173 to yield 5.557%, or Treasuries plus 120 bps. The tranche features a make-whole call at 20 bps over Treasuries.
Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Bank of America Merrill Lynch and Morgan Stanley & Co. ran the books.
Joint lead managers were Goldman Sachs & Co. and RBS Securities Inc.
Co-managers were BNP Paribas Securities Corp., Lloyds TSB Bank, Mitsubishi UFJ Securities, Mizuho Securities USA Inc., UBS Securities LLC and Wells Fargo Securities.
Proceeds will go for general corporate purposes.
The security and defense contractor is based in Bethesda, Md.
| Issuer: | Lockheed Martin Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Morgan Stanley & Co.
|
| Joint lead managers: | Goldman Sachs & Co., RBS Securities Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Lloyds TSB Bank, Mitsubishi UFJ Securities, Mizuho Securities USA Inc., UBS Securities LLC, Wells Fargo Securities
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| 10-year notes
|
| Amount: | $900 million
|
| Maturity: | Nov. 15, 2019
|
| Coupon: | 4.25%
|
| Price: | 99.093
|
| Yield: | 4.363%
|
| Spread: | Treasuries plus 93 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
|
|
| 30-year notes
|
| Amount: | $600 million
|
| Maturity: | Nov. 15, 2039
|
| Coupon: | 5.5%
|
| Price: | 99.173
|
| Yield: | 5.557%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
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