Issuer Free Writing Prospectus
(relating to Preliminary Prospectus Supplement dated
March 23, 2020 and Prospectus dated March 22, 2018)
Filed pursuant to Rule 433
Registration Number 333-223853
General Dynamics Corporation
Pricing Term Sheet
March 23,
2020
$750,000,000 3.250% Notes due 2025
$750,000,000 3.500% Notes due 2027
$1,000,000,000 3.625% Notes due 2030
$750,000,000 4.250% Notes due 2040
$750,000,000 4.250% Notes due 2050
Issuer:
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General Dynamics Corporation (the Company)
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Guarantors:
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American Overseas Marine Company, LLC; Bath Iron Works Corporation; Electric Boat Corporation; General Dynamics Government Systems Corporation; General Dynamics Land Systems Inc.; General Dynamics Ordnance and Tactical Systems, Inc.; General
Dynamics-OTS, Inc.; Gulfstream Aerospace Corporation; and National Steel and Shipbuilding Company
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Expected Ratings:*
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A2 (negative outlook) / A (CreditWatch negative) (Moodys / S&P)
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Security Type:
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Senior Unsecured Notes
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Securities:
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3.250% Notes due 2025 (the 2025 Notes)
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3.500% Notes due 2027 (the 2027 Notes)
3.625% Notes due 2030 (the 2030 Notes)
4.250% Notes due 2040 (the 2040 Notes)
4.250% Notes due 2050 (the 2050 Notes)
Principal Amount:
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2025 Notes: $750,000,000
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2027 Notes: $750,000,000
2030 Notes: $1,000,000,000
2040 Notes: $750,000,000
2050
Notes: $750,000,000
Maturity:
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2025 Notes: April 1, 2025
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2027 Notes: April 1, 2027
2030 Notes: April 1, 2030
2040 Notes: April 1, 2040
2050 Notes: April 1, 2050
Coupon (Interest Rate):
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2025 Notes: 3.250%
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2027 Notes: 3.500%
2030 Notes: 3.625%
2040 Notes:
4.250%
2050 Notes: 4.250%