NOC Northrop Grumman Corp Holding Co

4.600% Senior Notes due
2029

4.900% Senior Notes due
2034

5.200% Senior Notes due
2054

Issuer:

Northrop Grumman Corporation

Northrop Grumman Corporation

Northrop Grumman Corporation

Expected Ratings:⁽¹⁾

Moody’s Investors Service, Inc.:

Baa1 (Outlook: Stable)

Baa1 (Outlook: Stable)

Baa1 (Outlook: Stable)

Standard & Poor’s Ratings Services:

BBB+ (Outlook: Stable)

BBB+ (Outlook: Stable)

BBB+ (Outlook: Stable)

Fitch Ratings, Ltd.:

BBB+ (Outlook: Stable)

BBB+ (Outlook: Stable)

BBB+ (Outlook: Stable)

Principal Amount Offered:

$500,000,000

$850,000,000

$1,150,000,000

Pricing Date:

January 29, 2024

January 29, 2024

January 29, 2024

Settlement Date (T + 2):

Maturity Date:

February 1, 2029

June 1, 2034

June 1, 2054

Benchmark Treasury:

4.000% due January 31, 2029

4.500% due November 15, 2033

4.125% due August 15, 2053

Benchmark Treasury Price/Yield:

100-04 / 3.972%

103-16+ / 4.061%

96-21+ / 4.326%

Spread to Benchmark Treasury:

+65 basis points

+85 basis points

+90 basis points

Yield to Maturity:

4.622%

4.911%

5.226%

Coupon:

4.600%

4.900%

5.200%

Day Count Convention:

30 / 360

30 / 360

30 / 360

Price to Public:⁽²⁾

99.903%

99.918%

99.614%

Interest Payment Dates:

February 1 and August 1, commencing August 1, 2024

June 1 and December 1, commencing June 1, 2024

June 1 and December 1, commencing June 1, 2024

Record Dates:

January 15 and July 15

May 15 and November 15

May 15 and November 15

Optional Redemption:

Prior to January 1, 2029 (the “Par Call Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) at a discount rate of the Treasury Rate +10 basis points.

On and after the Par Call Date, at a redemption price equal to 100% of the principal amount of the notes being redeemed.

Prior to March 1, 2034 (the “Par Call Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) at a discount rate of the Treasury Rate +15 basis points.

On and after the Par Call Date, at a redemption price equal to 100% of the principal amount of the notes being redeemed.

Prior to December 1, 2053 (the “Par Call Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) at a discount rate of the Treasury Rate +15 basis points.

On and after the Par Call Date, at a redemption price equal to 100% of the principal amount of the notes being redeemed.

CUSIP/ISIN:

666807CK6 / US666807CK64

666807CL4 / US666807CL48

666807CM2 / US666807CM21

Joint Book-Running Managers:

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

Wells Fargo Securities, LLC

Goldman Sachs & Co LLC

Morgan Stanley & Co. LLC

SMBC Nikko Securities

America, Inc.

TD Securities (USA) LLC

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

Wells Fargo Securities, LLC

Goldman Sachs & Co LLC

Morgan Stanley & Co. LLC

SMBC Nikko Securities

America, Inc.

TD Securities (USA) LLC

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

Wells Fargo Securities, LLC

Goldman Sachs & Co LLC

Morgan Stanley & Co. LLC

SMBC Nikko Securities

America, Inc.

TD Securities (USA) LLC

Senior Co-Managers

BNP Paribas Securities Corp.

BofA Securities, Inc.

UBS Securities LLC

U.S. Bancorp Investments, Inc.

BNP Paribas Securities Corp.

BofA Securities, Inc.

UBS Securities LLC

U.S. Bancorp Investments, Inc.

BNP Paribas Securities Corp.

BofA Securities, Inc.

UBS Securities LLC

U.S. Bancorp Investments, Inc.

Co-Managers:

ANZ Securities, Inc.

BNY Mellon Capital Markets, LLC

Scotia Capital (USA) Inc.

UniCredit Capital Markets LLC

Academy Securities, Inc.

CastleOak Securities, L.P.

Drexel Hamilton, LLC

Mischler Financial Group, Inc.

Samuel A. Ramirez & Company, Inc.

Siebert Williams Shank & Co., LLC

ANZ Securities, Inc.

BNY Mellon Capital Markets, LLC

Scotia Capital (USA) Inc.

UniCredit Capital Markets LLC

Academy Securities, Inc.

CastleOak Securities, L.P.

Drexel Hamilton, LLC

Mischler Financial Group, Inc.

Samuel A. Ramirez & Company, Inc.

Siebert Williams Shank & Co., LLC

ANZ Securities, Inc.

BNY Mellon Capital Markets, LLC

Scotia Capital (USA) Inc.

UniCredit Capital Markets LLC

Academy Securities, Inc.

CastleOak Securities, L.P.

Drexel Hamilton, LLC

Mischler Financial Group, Inc.

Samuel A. Ramirez & Company, Inc.

Siebert Williams Shank & Co., LLC

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. An explanation of the significance of ratings may be obtained from the ratings agencies. Generally, ratings agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. Each of the expected security ratings above should be evaluated independently of any other security rating.

Plus accrued interest, if any, from January 31, 2024.

J.P. Morgan Securities LLC

1 212 834 4533 (collect)

Mizuho Securities USA LLC

1 866 271 7403 (toll free)

Wells Fargo Securities, LLC

1 800 645 3751 (toll free)