Huntington Ingalls Industries Announces Proposed Offering of Senior Notes
November 16 2017 - 9:15AM
Huntington Ingalls Industries, Inc. (NYSE:HII) (“HII” or the
“Company”) announced today an offering by HII of senior notes (the
“Notes”). The Notes will be fully and unconditionally
guaranteed by each of the Company’s domestic subsidiaries that
guarantees debt under its credit facility.
The Company intends to use the net proceeds from the sale of the
Notes to redeem all of its $600,000,000 aggregate principal amount
of 5.000% Senior Notes due 2021. The Company intends to give
notice of the redemption following pricing of the Notes. HII
expects to use any remaining proceeds 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, unless so
registered, may not be offered or sold in the United States absent
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 there shall not be any offer to sell, solicitation of an offer
to buy or sale of 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 will be made only by means of an offering
memorandum. Huntington Ingalls Industries is America’s largest
military shipbuilding company and a provider of professional
services to partners in government and industry. For more than a
century, HII’s Newport News and Ingalls shipbuilding divisions in
Virginia and Mississippi have built more ships in more ship classes
than any other U.S. naval shipbuilder. HII’s Technical Solutions
division provides a wide range of professional services through its
Fleet Support, Integrated Missions Solutions, Nuclear &
Environmental and Oil & Gas groups. Headquartered in Newport
News, Virginia, HII employs nearly 37,000 people operating both
domestically and internationally.
Statements in this release, other than statements of historical
fact, constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties that
could cause the Company’s actual results to differ materially from
those expressed in these statements. Factors that may cause such
differences include: the failure to complete the sale or issuance
of the Notes; the failure to complete the proposed redemption;
changes in government and customer priorities and requirements
(including government budgetary constraints, shifts in defense
spending, and changes in customer short-range and long-range
plans); the Company’s ability to estimate its future contract costs
and perform its contracts effectively; changes in procurement
processes and government regulations and the Company’s ability to
comply with such requirements; the Company’s ability to deliver its
products and services at an affordable life cycle cost and compete
within its markets; natural and environmental disasters and
political instability; the Company’s ability to execute its
strategic plan, including with respect to share repurchases,
dividends, capital expenditures and strategic acquisitions; adverse
economic conditions in the United States and globally; changes in
key estimates and assumptions regarding the Company’s pension and
retiree health care costs; security threats, including cyber
security threats, and related disruptions; and other risk factors
discussed in the Company’s filings with the U.S. Securities and
Exchange Commission. There may be other risks and uncertainties
that the Company is unable to predict at this time or that it
currently does not expect to have a material adverse effect on its
business, and the Company undertakes no obligations to update or
revise any forward-looking statements. You should not place undue
reliance on any forward-looking statements that the Company may
make.
Jerri Fuller Dickseski
(Media)jerri.dickseski@hii-co.com757-380-2341
Rick Wyatt (Bond Investors)Rick.Wyatt@hii-co.com757-380-2101
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