Northrop Grumman Corporation Remarkets $690 Million of Notes
12 Août 2004 - 4:13AM
PR Newswire (US)
Northrop Grumman Corporation Remarkets $690 Million of Notes LOS
ANGELES, Aug. 11 /PRNewswire-FirstCall/ -- Today Northrop Grumman
Corporation (NYSE:NOC) successfully remarketed $690 million of its
5.25 percent senior notes due 2006. As a result of the remarketing,
the interest rate on the notes was reset to 4.079 percent,
effective August 16, 2004. The remarketing was required under the
terms of the Northrop Grumman equity security units originally
issued in 2001. Proceeds from the remarketed notes were used to
purchase U.S. Treasury securities that are pledged to secure the
stock purchase obligations of the holders of the equity security
units. The Treasury securities will be held by the collateral
agent, Bank of New York. In November 2004, Northrop Grumman will
receive $690 million from the collateral agent and will issue
common stock under the forward stock purchase contracts, which will
complete the company's equity obligations under the original equity
security units. Northrop Grumman Corporation is a global defense
company headquartered in Los Angeles, Calif. Northrop Grumman
provides technologically advanced, innovative products, services
and solutions in systems integration, defense electronics,
information technology, advanced aircraft, shipbuilding and space
technology. With 125,000 employees, and operations in all 50 states
and 25 countries, Northrop Grumman serves U.S. and international
military, government and commercial customers. A written prospectus
meeting the requirements of Section 10 of the Securities Act of
1933 may be obtained by contacting Credit Suisse First Boston LLC,
Syndicate Desk, 11 Madison Ave., New York, N.Y., 10010, or J.P.
Morgan Securities Inc., 270 Park Ave., New York, N.Y., 10017.
DATASOURCE: Northrop Grumman Corporation CONTACT: Media, Frank
Moore, +1-310-201-3335, or Investors, Gaston Kent, +1-310-201-3423,
both of Northrop Grumman Corporation Web site:
http://www.northropgrumman.com/
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