Northrop extends, downsizes revolver, adds $500 million 364-day loan

By Aleesia Forni

Columbus, Ohio, Sept. 14 - Northrop Grumman Corp. amended an existing credit facility, decreasing borrowings under the agreement to $1.5 billion from $2 billion, and added a new $500 million revolver, according to an 8-K filed with the Securities and Exchange Commission on Sept. 8.

As part of the amendment and restatement, the maturity date of the existing five-year revolving credit facility was extended to September 2016.

The company also entered into a $500 million 364-day revolving credit facility.

For both facilities, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities LLC are joint lead arrangers and joint bookrunners.

JPMorgan Chase Bank NA is administrative agent, while Citibank NA, The Royal Bank of Scotland plc and Wells Fargo Bank NA are syndication agents for both facilities.

Northrop Grumman is a Los Angeles-based security company providing products and solutions in aerospace, electronics, technical services and information systems.

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