General Dynamics Corporation’s $4 Billion Notes Offering

Davis Polk advised the joint book-running managers and representatives of the underwriters in an SEC-registered offering by General Dynamics Corporation 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.

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 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. All members of the Davis Polk team are based in the New York office.