# EDGAR Filing Document

**Accession Number:** 0001133421
**File Stem:** 0001193125-23-025803
**Filing Date:** 2023-2
**Character Count:** 8273
**Document Hash:** 036fc8734849f362a5bc333daf5505bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-025803.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001193125-23-025803

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230206

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHROP GRUMMAN CORP /DE/
- **CENTRAL INDEX KEY:** 0001133421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]
- **IRS NUMBER:** 800640649
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-237504
- **FILM NUMBER:** 23591826

**BUSINESS ADDRESS:**
- **STREET 1:** 2980 FAIRVIEW PARK DRIVE
- **STREET 2:** C/O NORTHROP GRUMMAN CORP
- **CITY:** FALLS CHURCH
- **STATE:** VA
- **ZIP:** 22042
- **BUSINESS PHONE:** 703-280-2900

**MAIL ADDRESS:**
- **STREET 1:** 2980 FAIRVIEW PARK DRIVE
- **STREET 2:** C/O NORTHROP GRUMMAN CORP
- **CITY:** FALLS CHURCH
- **STATE:** VA
- **ZIP:** 22042

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NNG INC
- **DATE OF NAME CHANGE:** 20010129
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHROP GRUMMAN CORP /DE/
- **CENTRAL INDEX KEY:** 0001133421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]
- **IRS NUMBER:** 800640649
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 2980 FAIRVIEW PARK DRIVE
- **STREET 2:** C/O NORTHROP GRUMMAN CORP
- **CITY:** FALLS CHURCH
- **STATE:** VA
- **ZIP:** 22042
- **BUSINESS PHONE:** 703-280-2900

**MAIL ADDRESS:**
- **STREET 1:** 2980 FAIRVIEW PARK DRIVE
- **STREET 2:** C/O NORTHROP GRUMMAN CORP
- **CITY:** FALLS CHURCH
- **STATE:** VA
- **ZIP:** 22042

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NNG INC
- **DATE OF NAME CHANGE:** 20010129

*Filed Pursuant to Rule 433* 

*Registration No. 333-237504* 

*Issuer Free Writing Prospectus dated February 6, 2023* 

*Relating to Prospectus dated March 31, 2020 and* 

*Preliminary Prospectus Supplement dated February 6, 2023*![LOGO](g459260g0206205018099.jpg)

$2,000,000,000

Senior Notes Offering

***Pricing Term Sheet***

***February 6, 2023***

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| | | |
|:---|:---|:---|
|  | **4.700% Senior Notes due 2033** | **4.950% Senior Notes due 2053** |
| Issuer: | Northrop Grumman Corporation | Northrop Grumman Corporation |
| Expected Ratings:<sup>(1)</sup> |  |  |
| Moody's Investors Service, Inc.: | Baa1 (Outlook: Stable) | Baa1 (Outlook: Stable) |
| Standard & Poor's Ratings Services: | BBB+ (Outlook: Stable) | BBB+ (Outlook: Stable) |
| Fitch Ratings, Ltd.: | BBB+ (Outlook: Stable) | BBB+ (Outlook: Stable) |
| Principal Amount Offered: | $1000000000 | $1000000000 |
| Pricing Date: | February 6, 2023 | February 6, 2023 |
| Settlement Date (T + 2): | It is expected that delivery of the Notes will be made against payment therefor on or about February 8, 2023, which is the second business day following the date hereof. | It is expected that delivery of the Notes will be made against payment therefor on or about February 8, 2023, which is the second business day following the date hereof. |
| Maturity Date: | March 15, 2033 | March 15, 2053 |
| Benchmark Treasury: | 4.125% due November 15, 2032 | 3.00% due August 15, 2052 |
| Benchmark Treasury Price/Yield: | 104-00+ / 3.632% | 87-18 / 3.696% |

---

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| | | |
|:---|:---|:---|
| Spread to Benchmark Treasury: | +108 basis points | +128 basis points |
| Yield to Maturity: | 4.712% | 4.976% |
| Coupon: | 4.700% | 4.950% |
| Day Count Convention: | 30 / 360 | 30 / 360 |
| Price to Public:<sup>(2)</sup> | 99.898% | 99.589% |
| Interest Payment Dates: | March 15 and September 15, commencing September 15, 2023 | March 15 and September 15, commencing September 15, 2023 |
| Record Dates: | March 1 and September 1 | March 1 and September 1 |
| Optional Redemption: | Prior to December 15, 2032 (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 + 20 basis points.<br>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 September 15, 2052 (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 + 20 basis points.<br>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: | 666807 CH3 / US666807CH36 | 666807 CJ9 / US666807CJ91 |
| Denominations: | $2,000 and multiples of $1,000 in excess thereof | $2,000 and multiples of $1,000 in excess thereof |
| Joint Book-Running Managers: | Wells Fargo Securities, LLC<br> J.P. Morgan Securities LLC <br>Mizuho Securities USA LLC<br> BNP Paribas Securities Corp.<br> Credit Suisse Securities (USA) LLC<br> Goldman Sachs & Co. LLC<br> Morgan Stanley & Co. LLC | Wells Fargo Securities, LLC<br> J.P. Morgan Securities LLC <br>Mizuho Securities USA LLC<br> BNP Paribas Securities Corp.<br> Credit Suisse Securities (USA) LLC<br> Goldman Sachs & Co. LLC<br> Morgan Stanley & Co. LLC |
| Senior Co-Managers | BofA Securities, Inc.<br> SMBC Nikko Securities America, Inc.<br> TD Securities (USA) LLC<br> U.S. Bancorp Investments, Inc. | BofA Securities, Inc.<br> SMBC Nikko Securities America, Inc.<br> TD Securities (USA) LLC<br> U.S. Bancorp Investments, Inc. |
| Co-Managers: | ANZ Securities, Inc.<br> BNY Mellon Capital Markets, LLC<br> Scotia Capital (USA) Inc.<br> UniCredit Capital Markets LLC<br> Academy Securities, Inc.<br> Blaylock Van, LLC<br> Drexel Hamilton, LLC<br> Mischler Financial Group, Inc.<br> Samuel A. Ramirez & Company, Inc.<br> Siebert Williams Shank & Co., LLC | ANZ Securities, Inc.<br> BNY Mellon Capital Markets, LLC<br> Scotia Capital (USA) Inc.<br> UniCredit Capital Markets LLC<br> Academy Securities, Inc.<br> Blaylock Van, LLC<br> Drexel Hamilton, LLC<br> Mischler Financial Group, Inc.<br> Samuel A. Ramirez & Company, Inc.<br> Siebert Williams Shank & Co., LLC |

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<sup>(1)</sup> 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. 

<sup>(2)</sup> Plus accrued interest, if any, from February 8, 2023.

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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at *www.sec.gov*. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling one of the numbers listed below:

Wells Fargo Securities, LLC 1-800-645-3751(toll-free) J.P. Morgan Securities LLC 1-212-834-4533 (collect) Mizuho Securities USA LLC 1-866-271-7403 (toll-free)

**Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.**