Qioptiq logo Raytheon Global MilSatCom


28 May 13. Northrop Grumman Corporation (NYSE: NOC) announced that it will redeem for cash all of its then outstanding 3.70% Senior Notes due 2014 (the “2014 Notes”) and all of its then outstanding 1.850% Senior Notes due 2015 (the “2015 Notes” and, together with the 2014 Notes, the “Notes”) on June 27, 2013. Each series of Notes will be redeemed at a price equal to the sum of (i) 100% of the principal amount outstanding, (ii) a “make-whole” premium, which will be calculated three business days prior to the redemption date in accordance with the Notes and the indenture governing the applicable series of Notes, and (iii) accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Northrop Grumman currently expects the “make-whole” premiums to result in a one-time, pre-tax charge of approximately $30m in the second quarter of 2013. As of the date of this press release, $350m aggregate principal amount of the 2014 Notes and $500m aggregate principal amount of the 2015 Notes were outstanding. Northrop Grumman also announced that it has commenced an underwritten offering of senior unsecured notes under its effective shelf registration statement. Northrop Grumman expects to use the net proceeds from the offering to redeem the Notes and for general corporate purposes, including debt repayment, share repurchases, pension plan funding, acquisitions and working capital. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus, and when available the prospectus supplement, relating to the offering may be obtained by calling Citigroup Global Markets Inc. toll free at (800) 831-9146, J.P. Morgan Securities LLC collect at (212) 834-4533, RBS Securities Inc. toll free at (866) 884-2071 and Wells Fargo Securities, LLC toll free at (800) 326-5897. A copy of these documents may also be obtained by visiting EDGAR on the SEC website at www.sec.gov. The securities are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission, and a prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission as part of the shelf registration statement.

28 May 13. Astronics Corporation (ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, has entered into a definitive agreement to acquire the outstanding shares of PECO Inc. (PECO) for approximately $136m in cash. The agreement is expected to close in late June 2013, and is subject to certain conditions, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and the successful arrangement of debt financing by Astronics. PECO, located in Portland, Oregon, designs and manufacturers highly engineered commercial aerospace interior components and systems for the aerospace industry. The company specializes in Passenger Service Units (PSUs) which incorporate air handling, emergency oxygen, electrical power management and cabin lighting systems. It also manufactures a wide range of fuel access doors that meet stringent strength, fuel sealing and anti-corrosion requirements. PECO enjoys a longstanding relationship with many aerospace customers, including The Boeing Company, for which it provides a variety of products across its line of commercial airliners. (Source: Yahoo!/GLOBE NEWSWIRE)

27 May 13. Saab invests in Indian company Pipavav. In august 2012 defence and security company Saab announced that a Memorandum of Understanding (MOU) had been signed concerning a strategic investment in the listed Indian company Pipavav Offshore and Defence Engineering Ltd (Pipavav). The investment of MSEK 250 has now been made in shares issued through a, to Saab, directed share issue. After the investment, Saab holds

Back to article list