Northrop Grumman Announces New $500 Million Accelerated Share Repurchase Agreement
02 Novembre 2021 - 11:30AM
Northrop Grumman Corporation (NYSE: NOC) today announced that it
has entered into an accelerated share repurchase (ASR) agreement
with Goldman Sachs & Co. LLC to repurchase $500 million of
Northrop Grumman’s common stock. The ASR is in addition to
previously planned repurchases, including open market share
repurchases, and, as a result, the company is now targeting greater
than $3.5 billion of repurchases in 2021.
Under the ASR agreement, Northrop Grumman expects to receive
initial deliveries of approximately 1.2 million shares on Nov. 3,
representing approximately 85 percent of the expected share
repurchases under the ASR agreement, based on the company’s closing
price of $354.85 on Nov. 1, 2021. The final number of shares to be
repurchased through the ASR will be based on Northrop Grumman’s
volume-weighted average price during the term of the transaction,
less a discount, and is expected to be completed in the first
quarter of 2022. The ASR will be completed under the company’s
current share repurchase authorization, which currently has $3.0
billion in authorization remaining.
Northrop Grumman is a technology company, focused on global
security and human discovery. Our pioneering solutions equip our
customers with capabilities they need to connect, advance and
protect the U.S. and its allies. Driven by a shared purpose to
solve our customers’ toughest problems, our 90,000 employees define
possible every day.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this press release contain or may contain
statements that constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “will,” “expect,” “anticipate,” “intend,” “may,”
“could,” “should,” “plan,” “project,” “forecast,” “believe,”
“estimate,” “guidance,” “outlook,” “trends,” “goals” and similar
expressions generally identify these forward-looking statements.
Forward-looking statements are based upon assumptions,
expectations, plans and projections that we believe to be
reasonable when made, but which may change over time. These
statements are not guarantees of future performance and inherently
involve a wide range of risks and uncertainties that are difficult
to predict. Specific risks that could cause actual results to
differ materially from those expressed or implied in these
forward-looking statements include, but are not limited to those
identified and discussed more fully in the section entitled “Risk
Factors” in the Form 10-K for the year ended December 31,
2020 and from time to time in our other filings with
the Securities and Exchange Commission. You are urged to
consider the limitations on, and risks associated with,
forward-looking statements and not unduly rely on the accuracy of
forward-looking statements. These forward-looking statements speak
only as of the date when made, and the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law.
Contact: |
Vic Beck
(Media) |
|
703-280-4456 (office) |
|
vic.beck@ngc.com |
|
|
|
Todd Ernst (Investors) |
|
703-280-4535 (office) |
|
todd.ernst@ngc.com |
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