General Dynamics’ $1.5 Billion Notes Offering

Davis Polk advised the joint book-running managers and representatives of the several underwriters in the offering.

General Dynamics Corporation executed its offering of $500 million aggregate principal amount of 1.150% notes due 2026, $500 million aggregate principal amount of 2.250% notes due 2031 and $500 million aggregate principal amount of 2.850% notes due 2041.

Proceeds from this offering, together with cash on hand, will be used to repay General Dynamics’ $2 billion principal amount of 3.000% notes due 2021 and $500 million principal amount of floating-rate notes due 2021 and/or for general corporate purposes.

BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BBVA Securities Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, Lloyds Securities Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., Scotia Capital (USA) Inc., PNC Capital Markets LLC,   
U.S. Bancorp Investments, Inc., TD Securities (USA) LLC, Academy Securities, Inc., Blaylock Van, LLC,  
Drexel Hamilton, LLC acted as underwriters for the offering.

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $37.9 billion in revenue in 2020.

The Davis Polk corporate team included partner John G. Crowley (Picture), counsel Jennifer Ying Lan and associate Shaoting Qin. Partner Mario J. Verdolini and associate Bree Gong provided tax advice. Counsel Betty Moy Huber and associate Michael Comstock provided environmental advice.

Involved fees earner: Michael Comstock – Davis Polk & Wardwell; John Crowley – Davis Polk & Wardwell; Bree Gong – Davis Polk & Wardwell; Betty Moy Huber – Davis Polk & Wardwell; Shaoting Qin – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Academy Securities; Bank of America Securities; BBVA Securities Inc.; Blaylock Van, LLC; Drexel Hamilton; J.P. Morgan Securities LLC; Lloyds Securities; Mizuho Securities; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; RBC Capital Markets; Scotia Capital Inc.; SMBC Nikko Securities America; TD Securities; U.S. Bancorp Investments; Wells Fargo Securities;

Author: Martina Bellini