Davis Polk advised Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC as joint book-running managers on a Rule 144A/Regulation S offering by Huntington Ingalls Industries, Inc. of $600 million aggregate principal amount of its 6.875% senior notes due 2018 and $600 million aggregate principal amount of its 7.125% senior notes due 2021. The offering is part of the financing for an anticipated spinoff of Huntington Ingalls Industries from its parent company, Northrop Grumman Corporation.

Huntington Ingalls Industries has been designing, building, overhauling and repairing ships, primarily for the U.S. Navy and the U.S. Coast Guard, for more than a century.

The Davis Polk capital markets team included partner Michael Kaplan and associates Alain Kuyumjian and Scott Lunin. The credit team included partner Jinsoo H. Kim and associates Kenneth J. Steinberg, Derek Thomas Fears and Jeong M. Oh (not yet admitted). Counsel Betty Moy Huber and associate Adam Riedel provided environmental advice. Partner Michael Mollerus and associate Rhiannon Nakano provided tax advice. Partner Charles S. Duggan and associate Amit Vora (not yet admitted) assisted in due diligence for the offering. Joshua Sills, Jack S. Keating and Richard A. Harrison were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.