Huntington Ingalls Industries, Inc. Announces Redemption of 5.000% Notes Due 2025

Rhea-AI Summary

Huntington Ingalls Industries (HII) has announced the redemption of its 5.000% senior unsecured notes due 2025. As of October 16, 2020, approximately $600 million of these notes is outstanding. The redemption will occur on November 15, 2020, at a price of 102.5% of the principal amount, plus accrued interest. This notice is being delivered to all registered holders by the Bank of New York Mellon. HII remains a leading military shipbuilding company, with significant operations in Virginia and Mississippi and a workforce exceeding 42,000.

Positive

• Redemption of $600 million in senior unsecured notes shows proactive capital management.
• The redemption price at 102.5% indicates financial strength and commitment to bondholders.

Negative

• None.

NEWPORT NEWS, Va., Oct. 16, 2020 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries, Inc. (NYSE: HII) today announced that it has given notice of the redemption of its outstanding 5.000% senior unsecured notes due 2025 (the “2025 Notes”).

As of Oct. 16, 2020, approximately $600 million in aggregate principal amount of the 2025 Notes is outstanding. In accordance with the terms of the indenture governing the 2025 Notes, they will be redeemed on Nov. 15, 2020 (the “Redemption Date”) for an aggregate redemption price equal to 102.5% of the principal amount of the 2025 Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date. The Bank of New York Mellon, the trustee for the 2025 Notes, is delivering a Notice of Redemption to all registered holders of the 2025 Notes today. Copies of the Notice of Redemption and additional information relating to the procedure for redemption of the 2025 Notes may be obtained from The Bank of New York Mellon, by calling (412) 236-1201.

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division supports national security missions around the globe with unmanned systems, defense and federal solutions, and nuclear and environmental services. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. For more information, visit:

• HII on the web: www.huntingtoningalls.com
• HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
• HII on Twitter: www.twitter.com/hiindustries  
• HII on YouTube: www.youtube.com/huntingtoningalls
• HII on Instagram: www.instagram.com/huntingtoningalls

Contact:

Jerri Fuller Dickseski
(Media)
jerri.dickseski@hii-co.com
757-380-2341

Rick Wyatt (Bond Investors)
Rick.Wyatt@hii-co.com
757-380-2101

FAQ

What is the total amount of HII's 2025 Notes being redeemed?

Approximately $600 million in aggregate principal amount of HII's 2025 Notes is being redeemed.

When will the redemption of HII's 2025 Notes occur?

The redemption of HII's 2025 Notes will occur on November 15, 2020.

What is the redemption price for HII's 2025 Notes?

The redemption price for HII's 2025 Notes is 102.5% of the principal amount plus accrued interest.

Who is the trustee for HII's 2025 Notes?

The Bank of New York Mellon is the trustee for HII's 2025 Notes.