DOW JONES NEWSWIRES
Northrop Grumman Corp. (NOC) announced tender offers for $2.12 billion in debt issued by its systems and shipbuilidng units.
The defense contractor is also readying a three-part debt offering comprising 5-, 10- and 30-year pieces, according to a regulatory filing. A host of companies have been seeking to lower borrowing costs lately by issuing debt to repay existing borrowings.
The buyback offers involve six series of notes maturing between 2016 and 2036 that were issued by the systems segment. There is $1.92 billion outstanding of the debt. Also part of the offer is $200 million in Gulf Opportunity Zone Industrial Development revenue bonds, which are due in 2028.
Northrop expects to record a fourth-quarter charge related to the buyback offer, which is expected to cut the company's future interest costs.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com
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