Huntington Ingalls to price $600 million seven-year notes Monday

By Paul A. Harris

Portland, Ore., Nov. 17 – Huntington Ingalls Industries, Inc. plans to price a $600 million offering of seven-year senior notes Monday afternoon trailing a late-morning conference call with investors, according to a syndicate source.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments Inc. and RBS Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Newport News, Va.-based company plans to use the proceeds to refinance its senior notes due 2018.

Huntington Ingalls Industries designs, builds and manages the life-cycle of nuclear and conventionally powered ships for the U.S. Navy and the U.S. Coast Guard.

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