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On March 25, 2020, General Dynamics Corporation completed an SEC-registered public offering of $4.0 billion of debt securities. Jenner & Block LLP served as issuer's counsel for the offering.
Lead underwriters were Wells Fargo Securities, BofA Securities, and J.P. Morgan Securities. Davis Polk & Wardwell served as underwriters' counsel.
The debt securities offered to the public consist of $750 million of 3.250% Notes due 2025, $750 million of 3.500% Notes due 2027, $1 billion of 3.625% Notes due 2030, $750 million of 4.250% Notes due 2040, and $750 million of 4.250% Notes due 2050.
General Dynamics intends to use the net proceeds from this offering, after deducting the underwriting discounts and its estimated expenses, to repay $2 billion principal amount of its 2.875% Notes due 2020 upon maturity, to repay $0.5 billion principal amount of its Floating Rate Notes due 2020 upon maturity, and for general corporate purposes, including the repayment of a portion of its borrowings under its commercial paper program as they mature.
The Jenner & Block team was led by Partner Joseph P. Gromacki, chair of the firm’s global transactional practices,and included Corporate Partners Brian R. Boch and Jeremy A. Casper, among others at the firm.