Northrop Grumman accepts tenders for $178.4 million Gulf Opportunity Zone bonds due 2028

By Marisa Wong

Madison, Wis., Dec. 1 - Northrop Grumman Corp. said that holders tendered $178.4 million of its $200 million of 4.55% Gulf Opportunity Zone Industrial Development revenue bonds due Dec. 1, 2028 as of 11:59 p.m. ET on Nov. 30, the expiration of Northrop's cash tender offer for any and all of the bonds.

The tender offer began on Nov. 1.

Northrop said it accepted all of the tendered notes at a consideration of par.

In addition, holders will receive accrued interest from the last interest payment date up to but excluding the settlement date, which is expected to be Dec. 2.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-3261) was lead dealer manager for the offer, and Morgan Stanley & Co. Inc. and SunTrust Robinson Humphrey were co-dealer managers. Global Bondholder Services Corp. (866 804-2200 or 212 430-3774) is the information agent.

Northrop Grumman is a Los Angeles-based security company that provides products and services in the aerospace, electronics, information and services and shipbuilding sectors.

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