HUNTINGTON INGALLS INDUSTRIES ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING OF 0.670% SENIOR NOTES DUE 2023 AND 2.043% SENIOR NOTES DUE 2028

NEWPORT NEWS, Va., (Aug. 16, 2021) -- Huntington Ingalls Industries, Inc. (NYSE: HII) (“HII” or the “Company”) announced today that it has completed its previously announced offering of $400 million in aggregate principal amount of its 0.670% Senior Notes due 2023 (the “2023 Notes”) and $600 million in aggregate principal amount of its 2.043% Senior Notes due 2028 (the “2028 Notes,” and together with the 2023 Notes, the “Notes”). The Company expects to use the net proceeds from the offering, together with borrowings under its term loan credit facility, to fund the purchase price for the previously announced acquisition (the “Alion Acquisition”) of Alion Science and Technology (“Alion”).

The Notes are direct, unsecured obligations of the Company and rank equally with all of the Company’s existing and future unsubordinated and unsecured obligations. The Notes will be fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by each of the Company’s domestic subsidiaries that guarantees debt under the Company’s amended and restated revolving credit facility and, subject to certain exceptions, any domestic subsidiaries that guarantee the Company’s debt in the future under any other credit facilities or capital markets debt. The Notes are effectively subordinated to all of the Company’s and the Company’s subsidiary guarantors’ secured obligations, to the extent of the value of the assets securing such obligations, and structurally subordinated to all of the obligations, including trade payables, of any of the Company’s subsidiaries that do not guarantee the Notes.

The Notes were 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 were not 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 of 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 there shall not be any offer to sell, solicitation of an offer to buy, or sale of the Notes in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes were made only by means of an offering memorandum.