November 17, 2014
NEWPORT NEWS, Va., Nov. 17, 2014 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries, Inc. (NYSE:HII) ("HII" or the "Company") announced today an offering by HII of $600 million aggregate principal amount of Senior Notes due 2021 (the "Notes").
The Notes will be general unsecured obligations, ranking equally in right of payment with all of the Company's and guarantors' existing and future unsecured senior indebtedness and senior in right of payment to any of the Company's and guarantors' future subordinated indebtedness.
The Company also launched this morning a cash tender offer and consent solicitation with respect to the Company's outstanding 6.875% Senior Notes due 2018 (the "2018 Notes"). The Company intends to use the net proceeds from the sale of the Notes and cash on hand to pay the consideration for the tender offer and consent solicitation, plus fees and expenses, and, if all 2018 Notes are not tendered pursuant to the tender offer, to fund the redemption of these 2018 Notes that remain outstanding after the completion of the tender offer. Any remaining proceeds will be used for general corporate purposes.
The Notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of an offering circular.
HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.
As the nation's largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong.
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