General Dynamics Corporation’s $4 Billion Notes Offering

Jenner & Block acted as special counsel to General Dynamics Corporation, while Davis Polk advised the joint book-running managers and representatives of the underwriters in its SEC-registered offering.

General Dynamics Corporation’s offering consisted of $750 million aggregate principal amount of 3.250% notes due 2025, $750 million aggregate principal amount of 3.500% notes due 2027, $1 billion aggregate principal amount of 3.625% notes due 2030, $750 million aggregate principal amount of 4.250% notes due 2040 and $750 million aggregate principal amount of 4.250% notes due 2050.

Proceeds from this offering will be used to repay General Dynamics’ $2 billion principal amount of 2.875% notes due 2020 upon maturity, $500 million principal amount of floating-rate notes due 2020 upon maturity and for general corporate purposes, including the repayment of a portion of the company’s borrowings under its commercial paper program.

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan 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., and Blaylock Van, LLC, Drexel Hamilton 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; combat vehicles, weapons systems and munitions; information technology services; C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions and shipbuilding and ship repair.

The Davis Polk corporate team included partner John G. Crowley (Picture) and associates Jennifer Ying Lan, Amanda Rae Schwarzenbart and Yushen Liu. Partner Michael Mollerus and associate Tomislava Dragicevic provided tax advice. Counsel Betty Moy Huber and associate Michael Comstock provided environmental advice.

The Jenner & Block team included Joseph P. Gromacki, Brian R. Boch and Jeremy A. Casper.

Involved fees earner: Michael Comstock – Davis Polk & Wardwell; John Crowley – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Betty Moy Huber – Davis Polk & Wardwell; Yushen Liu – Davis Polk & Wardwell; Michael Mollerus – Davis Polk & Wardwell; Amanda Rae Schwarzenbart – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell; Brian Boch – Jenner & Block; Jeremy Casper – Jenner & Block; Joseph Gromacki – Jenner & Block;

Law Firms: Davis Polk & Wardwell; Jenner & Block;

Clients: Academy Securities; Bank of America Securities; BBVA Securities Inc.; Blaylock Van, LLC; Drexel Hamilton; General Dynamics; 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: Ambrogio Visconti