J.P. Morgan, Salomon donate 25,000 shares from Northrop Grumman sale to Twin Towers Fund

By Ronda Fears

Nashville, Tenn., Nov. 16 - J.P. Morgan and Salomon Smith Barney, lead underwriters of the Northrop Grumman Corp. convertible and stock offerings, are donating roughly $2.2 million of their portions of the deal to the Twin Towers Fund.

The underwriters will donate 25,000 of the 8 million shares of common stock they are purchasing from Northrop Grumman in this offering to the Twin Towers Fund, Northrop Grumman said in a company statement. Each underwriter's donation will be based on its proportionate participation in the concurrent offerings.

The stock sold for $88.50 a share. Together, the offerings fetched $1.3 billion in proceeds for defense giant Northrop Grumman.

"The concept is a really good thing," said Marshall Nicholson, head of equity-linked origination at J.P. Morgan. "J.P. Morgan is a huge sponsor of and supports a lot of various charitable causes and organizations. There are a lot of worthwhile causes. The Sept. 11 events and the plane crash last week in New York were terrible. We though it was a timely and important thing to do."

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