LONDON – Milbank, Tweed, Hadley & McCloy LLP represented Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as the Initial Purchasers, on a $1,500,000,000 debt offering by BAE Systems Holding Inc., a wholly-owned subsidiary of BAE Systems plc.
The issuance featured three tranches: $500,000,000 2.850% Guaranteed Notes due 2020, $750,000,000 3.850% Guaranteed Notes due 2025, and $250,000,000 4.750% Guaranteed Notes due 2044. The notes are fully and unconditionally guaranteed by BAE Systems plc.
BAE Systems provides some of the world’s most advanced, technology-led defense, aerospace and security solutions and employs a skilled workforce of some 83,400 people in over 40 countries. The company will use the proceeds of the offering for general corporate purposes.
The cross-practice Milbank team was led by London Securities partner Tim Peterson and associates Shoshanna Harrow and Nina van Limburg Stirum. The Milbank team also included Tax partner Andrew Walker, special counsel Matthew Mortimer and associates Erika Hauser and Luke Vassay.
