By Andrea Heisinger
New York, Dec. 8 - General Dynamics Corp. priced $1 billion of 5.25% five-year notes Monday to yield Treasuries plus 365 basis points, an informed source said.
The notes (A2/A/) priced at 99.528 to yield 5.354%. They have a make-whole call of Treasuries plus 50 bps.
Bookrunners were Banc of America Securities LLC and J.P. Morgan Securities Inc.
Proceeds will be used for general corporate purposes, including possible repayment of borrowings under a commercial paper program and the possible repurchase of common stock shares.
The aerospace, combat systems, marine systems and information technology company is based in Falls Church, Va.
| Issuer: | General Dynamics Corp.
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 1, 2014
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc.
|
| Coupon: | 5.25%
|
| Price: | 99.528
|
| Yield: | 5.354%
|
| Spread: | Treasuries plus 365 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
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