Company: NOC
Filing Date: 2025-05-28
Form Type: 424B5
Source: 0001193125-25-129530
Chunk: 10

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-05-28
Form: 424B5
Chunk 10
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 be structurally subordinated to the claims of that subsidiary’s current and future creditors, including
debenture and note holders (whether senior or subordinated, and including holders of our future indebtedness guaranteed by a subsidiary), banks and trade creditors. In addition, even if Northrop Grumman were a creditor of any of its subsidiaries,
its rights as a creditor would be subordinated to any creditor holding a security interest in the assets of that subsidiary or holding any indebtedness of that subsidiary senior to that held by Northrop Grumman. Northrop Grumman may also elect to
issue or incur debt which is guaranteed by one or more of its subsidiaries, in which case the notes would be structurally subordinated to the new debt.

Consequently, the notes will be structurally subordinated to all liabilities from time to time of its current and future subsidiaries. As of March 31,
2025, Northrop Grumman’s subsidiaries had approximately $0.9 billion of indebtedness.

S-8

Negative covenants in the indenture will have a limited effect. The indenture governing the notes contains only limited negative covenants that apply to us. These covenants do not limit the amount of additional debt that we may incur and do not require us to maintain any financial ratios or specific levels of net worth, revenues, income, cash flows or liquidity. Accordingly, the indenture does not protect holders of the notes in the event we experience significant adverse changes in our financial condition or results of operations. See “ Description of Senior Debt Securities—Obligations Under the Indenture” in the accompanying prospectus. In light of the limited negative covenants applicable to the notes, holders of the notes may be structurally or contractually subordinated to new lenders or other creditors. As a result of this offering, we will be more leveraged than we are currently. As a result of this offering, we will be more leveraged than we are currently. Our increased indebtedness may have the effect, among other things, of reducing our flexibility to respond to changing business and economic conditions, requiring us to use substantial amounts of cash flow to fund interest and principal payments, increasing borrowing costs and placing the company in a disadvantage compared to our competitors with less leverage. You may not be able to sell your notes if an active trading market for the notes does not develop. The notes are new issues of securities for which there currently is no trading market. We do not intend to apply for listing of the notes