General Dynamics $1.5 billion notes offering
Davis Polk advised the joint book-running managers and representatives of the several underwriters in an SEC-registered offering by General Dynamics Corporation 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
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, 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. All members of the Davis Polk team are based in the New York office.