0001193125-15-361388.txt : 20151102 0001193125-15-361388.hdr.sgml : 20151102 20151102074834 ACCESSION NUMBER: 0001193125-15-361388 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20151102 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151102 DATE AS OF CHANGE: 20151102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNTINGTON INGALLS INDUSTRIES, INC. CENTRAL INDEX KEY: 0001501585 STANDARD INDUSTRIAL CLASSIFICATION: SHIP & BOAT BUILDING & REPAIRING [3730] IRS NUMBER: 900607005 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34910 FILM NUMBER: 151189207 BUSINESS ADDRESS: STREET 1: 4101 WASHINGTON AVENUE STREET 2: 909-7, 7J2 CITY: NEWPORT NEWS STATE: VA ZIP: 23607 BUSINESS PHONE: (757) 380-2000 MAIL ADDRESS: STREET 1: 4101 WASHINGTON AVENUE STREET 2: 909-7, 7J2 CITY: NEWPORT NEWS STATE: VA ZIP: 23607 FORMER COMPANY: FORMER CONFORMED NAME: Huntington Ingalls Industries, Inc. DATE OF NAME CHANGE: 20101124 FORMER COMPANY: FORMER CONFORMED NAME: New Ships, Inc. DATE OF NAME CHANGE: 20101006 FORMER COMPANY: FORMER CONFORMED NAME: NEW S HOLDCO, INC. DATE OF NAME CHANGE: 20100917 8-K 1 d78167d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 2, 2015

 

 

HUNTINGTON INGALLS INDUSTRIES, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   1-34910   90-0607005

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

4101 Washington Avenue, Newport News, Virginia   23607
(Address of Principal Executive Offices)   (Zip Code)

Registrants’ telephone number, including area code: (757) 380-2000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14(d)-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 7.01. Regulation FD Disclosure.

On November 2, 2015, Huntington Ingalls Industries, Inc. (the “Company”) announced the proposed issuance of $600 million aggregate principal amount of senior notes (the “New Notes”) to qualified institutional buyers and outside the United States to non-U.S. persons pursuant to Rule 144A and Regulation S, respectively, under the Securities Act of 1933, as amended (the “Securities Act”). The Company is filing as Exhibit 99.1 hereto the press release dated November 2, 2015 issued pursuant to Rule 135c under the Securities Act.

In connection with the offering of the New Notes, the Company provided potential investors with a Preliminary Offering Memorandum, dated November 2, 2015. The Preliminary Offering Memorandum contains certain non-GAAP financial metrics and describes certain risks relating to the New Notes and other information not previously disclosed by the Company. Certain of this information is included in Exhibit 99.2 attached hereto and is incorporated by reference into this Item 7.01. Because not all of the information contained in the Preliminary Offering Memorandum is included therein, certain cross references and defined terms may not appear in Exhibit 99.2.

In addition to the offering of New Notes, on November 2, 2015, the Company announced the commencement of a tender offer for all of its outstanding 7.125% Senior Notes due 2021 (the “2021 Notes”) and a related consent solicitation to amend or modify the terms of the indenture under which the 2021 Notes were issued. A press release regarding the tender offer and consent solicitation is attached hereto as Exhibit 99.3.

This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy the New Notes, and there shall not be any offer to sell, solicitation of an offer to buy or sale of the New Notes in any jurisdiction in which such offering, solicitation or sale would be unlawful. The New Notes will not be and have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. In addition, this Current Report on Form 8-K does not constitute an offer to purchase or the solicitation of an offer to sell the 2021 Notes in the tender offer, and there shall not be any offer to purchase, solicitation of an offer to sell, or purchase of the 2021 Notes in any jurisdiction in which such offer, solicitation or purchase would be unlawful.

The information contained in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3 attached hereto, is being furnished pursuant to Item 7.01. This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01. Other Events.

On November 2, 2015, the Company issued two press releases, one announcing the proposed offering and one announcing commencement of the tender offer and consent solicitation. Copies of these press releases are attached hereto as Exhibits 99.1 and 99.3, respectively, and are incorporated herein by reference.

Cautionary Statement on Forward Looking Statements

Statements in this Current Report on Form 8-K, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: the failure to complete the sale of the New Notes; the failure to consummate the tender offer and consent solicitation; changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that

we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits.

 

Exhibit
Number

   

Description

99.1    Press release dated November 2, 2015
99.2    Supplemental Regulation FD Disclosure
99.3    Press release dated November 2, 2015

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

HUNTINGTON INGALLS INDUSTRIES, INC.
By:  

/s/ Charles R. Monroe, Jr.

  Name:   Charles R. Monroe, Jr.
  Title:   Corporate Vice President, Associate General Counsel and Secretary

Date: November 2, 2015

 

3

EXHIBIT INDEX

 

Exhibit
Number

   

Description

99.1    Press release dated November 2, 2015
99.2    Supplemental Regulation FD Disclosure
99.3    Press release dated November 2, 2015

 

4

EX-99.1 2 d78167dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO    NEWS RELEASE

 

    

Contacts:

 

Jerri Fuller Dickseski (Media)

jerri.dickseski@hii-co.com

757-380-2341

 

Rick Wyatt (Bond Investors)

Rick.Wyatt@hii-co.com

757-380-2101

Huntington Ingalls Industries Announces Proposed Offering of Senior Notes Due 2025

NEWPORT NEWS, Va. (Nov. 2, 2015)—Huntington Ingalls Industries, Inc. (NYSE:HII) (“HII” or the “Company”) announced today an offering by HII of $600 million aggregate principal amount of Senior Notes due 2025 (the “Notes”).

The Notes will be general unsecured obligations, ranking equally in right of payment with all existing and future unsecured senior indebtedness of the Company and the subsidiary guarantors of the Notes and senior in right of payment to any of the Company’s and the subsidiary guarantors’ future subordinated indebtedness.

The Company also launched today a cash tender offer and consent solicitation with respect to the Company’s outstanding 7.125% Senior Notes due 2021 (the “2021 Notes”). The Company intends to use the net proceeds from the sale of the Notes and cash on hand to pay the consideration for the tender offer and consent solicitation, plus fees and expenses, and, if all 2021 Notes are not tendered pursuant to the tender offer, to fund the redemption of all 2021 Notes that remain outstanding after the completion of the tender offer and consent solicitation. Any remaining proceeds will be used for general corporate purposes.

The Notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities, and there shall not be any offer to sell, solicitation of an offer to buy or sale of Notes in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of an offering memorandum.

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of engineering, manufacturing and management services to the nuclear energy, oil and gas

 

 

Huntington Ingalls Industries

4101 Washington Ave. • Newport News, VA 23607

http://newsroom.huntingtoningalls.com

markets. 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. Headquartered in Newport News, Virginia, HII employs approximately 37,000 people operating both domestically and internationally.

Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include the failure to complete the sale of the Notes; the failure to consummate the tender offer and consent solicitation; changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

 

 

Huntington Ingalls Industries

4101 Washington Ave. • Newport News, VA 23607

www.huntingtoningalls.com/media

EX-99.2 3 d78167dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

PRESENTATION OF FINANCIAL AND OPERATING INFORMATION

The body of generally accepted accounting principles in the United States is commonly referred to as “GAAP.” A non-GAAP financial measure is generally defined by the Commission as one that purports to measure historical or future financial performance, financial position or cash flows but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. We disclose non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA less capital expenditures. We provide a reconciliation of Adjusted EBITDA to net earnings. We also present certain ratios that are derived using Adjusted EBITDA, including a leverage ratio and interest coverage ratio. The non-GAAP financial measures described herein are not a substitute for the GAAP measures of earnings or liquidity. We believe that the non-GAAP financial measures presented herein reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. We believe that these non-GAAP financial measures are widely used by investors and are useful indicators to measure our performance. You should also be aware that our use of certain of these non-GAAP financial measures might not be permitted in a filing with the Commission and our calculation of such measures may differ from other companies and therefore not be comparable.

 

     Twelve
Months
Ended
June 30		      Six Months
Ended
June 30		      Year Ended December 31  
     2015      2015      2014      2014      2013      2012  
     $ in millions (except per share amounts)  

Non-GAAP Financial Measures:

                  

Adjusted EBITDA (1)

      1,022         574         449         897         738         542   

Adjusted EBITDA less capital expenditures (2)

      859         525         398         732         599         380   

Leverage ratio (3)

      1.64x         2.93x         3.93x         1.90x         2.41x         3.38x   

Net leverage ratio (4)

      0.70x         1.25x         2.61x         0.79x         1.00x         1.43x   

 

(1) Adjusted EBITDA represents our earnings before interest, taxes, depreciation, amortization and goodwill impairment charges recorded in our Other segment primarily as a result of recent deterioration of market fundamentals in the oil and gas industry. Adjusted EBITDA is not a recognized measure under GAAP. When analyzing our operating performance, investors should use Adjusted EBITDA in addition to, and not as an alternative for, net income, operating income, or any other performance measure presented in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. It is a metric that is sometimes used to compare the results of companies by removing the effects of different factors that might otherwise make comparisons inaccurate or inappropriate. We believe that Adjusted EBITDA reflects an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our business. We believe that Adjusted EBITDA is widely used by investors and is a useful indicator to measure our performance. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. For additional information regarding our use of Adjusted EBITDA, see “Presentation of Financial and Operating Information” above.

We provide below a reconciliation of Adjusted EBITDA to net earnings, its relevant GAAP equivalent.

 

     Twelve Months
Ended
June 30		      Six Months Ended
June 30		      Year Ended December 31  
     2015      2015      2014      2014      2013      2012  
     $ in millions  

Net earnings

    $ 391       $ 243       $ 190       $ 338       $ 261       $ 146   

Depreciation and amortization (5)

      175         90         109         194         226         184   

Interest expense

      141         48         56         149         118         117   

Federal income taxes

      209         134         94         169         133         95   

Goodwill impairment charge

      106         59         —           47         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted EBITDA

    $ 1,022       $ 574       $ 449       $ 897       $ 738       $ 542   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

(2) See note (1) regarding our use of Adjusted EBITDA. Adjusted EBITDA less capital expenditures is not a recognized measure under GAAP. Adjusted EBITDA less capital expenditures has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of our results as reported under GAAP. We believe Adjusted EBITDA less capital expenditures is an important measure for our investors because it provides them with insight into our current performance and period-to-period performance and our ability to generate cash from continuing operations. Because not all companies use identical calculations, our presentation of Adjusted EBITDA less capital expenditures may not be comparable to similarly titled measures of other companies. For additional information regarding our use of Adjusted EBITDA less capital expenditures, see “Presentation of Financial and Operating Information” above.
(3) Leverage Ratio represents the ratio of total debt to Adjusted EBITDA.
(4) Net Leverage Ratio represents the ratio of total debt less cash to Adjusted EBITDA.
(5) Depreciation and amortization excludes amortization of deferred financing fees.

CAPITALIZATION

The following table presents our cash and cash equivalents and capitalization at June 30, 2015 on an actual basis, at June 30, 2015 on an adjusted basis, which gives effect to our credit facility refinancing with our Restated Credit Facility, and at June 30, 2015 on a further adjusted basis, which gives effect to the Transactions, assuming all 7.125% Senior Notes due 2021 are purchased in the Tender Offer on the Early Settlement Date. The capitalization table below should be read together with the financial data set forth in our consolidated financial statements, the notes to those financial statements and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014, as updated by our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015.

 

     June 30, 2015
Actual		      June 30, 2015
As Adjusted		     June 30, 2015
As Further Adjusted
to Give Effect to the
Transactions		  
     $ in millions  

Cash and cash equivalents

    $ 960       $ 578 (1)    $ 525 (2) 
  

 

 

     

 

 

    

 

 

  

Debt including current and long-term:

        

5.000% Senior Notes due 2021

      600         600        600   

7.125% Senior Notes due 2021

      600         600        —     

Notes offered hereby

      —           —          600   

Term loan

      374         —   (1)      —     

Revolving credit facility (3)

      —           —          —     

Other debt (4)

      105         105        105   
  

 

 

     

 

 

    

 

 

  

Total debt

      1,679         1,305        1,305   

Stockholders’ Equity:

        

Common stock

      1         1        1   

Additional paid-in capital

      1,942         1,942        1,942   

Retained Earnings

      729         727 (5)      695 (6) 

Treasury stock

      (351 )       (351 )      (351 ) 

Accumulated other comprehensive loss

      (836 )       (836 )      (836 ) 
  

 

 

     

 

 

    

 

 

  

Total stockholders’ equity

      1,485         1,483 (5)      1,451 (6) 
  

 

 

     

 

 

    

 

 

  

Total capitalization

    $ 3,164       $ 2,788      $ 2,756   
  

 

 

     

 

 

    

 

 

  

 

(1) Gives effect to cash payments totaling $382 million, comprised of $29 million principal payment on our then-outstanding term loan and $353 million in expenditures, subsequent to June 30, 2015, to repay all amounts outstanding under our then-existing credit facility and to pay fees and expenses in connection with our entry into our Restated Credit Facility.
(2) Gives effect to payment of the total amount of funds required to purchase all of the outstanding 2021 Notes pursuant to the tender offer, to make consent payments with respect to all of the outstanding 2021 Notes pursuant to the consent solicitation and to pay all related fees and expenses, including accrued and unpaid interest, assuming all outstanding 2021 Notes are validly tendered prior to the Consent Payment Date and the Early Settlement Date is November 17, 2015.
(3) On July 13, 2015, we entered into our Restated Credit Facility, which includes a $1.250 billion secured revolving credit facility, with a $500 million letter of credit subfacility. Our Restated Credit Facility, which is currently unutilized except for $30 million of issued but undrawn letters of credit under the $500 million letter of credit subfacility, also permits us to solicit lenders to provide incremental revolving loan commitments, up to two new tranches of revolving credit facilities and/or new tranches of term loans in an aggregate amount not to exceed the greater of $1.0 billion and such other amount that does not cause, on a pro forma basis, our net leverage ratio to exceed 2.00 to 1.00, subject to certain restrictions set forth therein.
(4) Our other debt consists of our Mississippi IRBs and our Go Zone IRBs.
(5) Reflects write-off of financing fees in connection with the closing of the Restated Credit Facility.
(6) Reflects write-off of financing fees in connection with the closing of the tender offer and consent solicitation.

RISK FACTORS

Risks Relating to the Notes

Our debt exposes us to certain risks.

As of June 30, 2015, after giving effect to the Transactions as well as our refinancing of our then-existing credit facility with our Restated Credit Facility, we and the subsidiary guarantors would have had $1.305 billion of total debt outstanding, consisting of our 5% Notes, the notes offered hereby and our outstanding Mississippi IRBs and GoZone IRBs. Our $1.250 billion Restated Credit Facility, which is currently unutilized except for $30 million of issued but undrawn letters of credit under the $500 million letter of credit subfacility, also permits us to solicit lenders to provide incremental revolving loan commitments, up to two new tranches of revolving credit facilities and/or new tranches of term loans in an aggregate amount not to exceed the greater of $1.0 billion and such other amount that does not cause, on a pro forma basis, our net leverage ratio to exceed 2.00 to 1.00, subject to certain restrictions set forth therein. As of June 30, 2015 (as presented on the same basis as above), our non-guarantor subsidiaries had no material assets or liabilities.

Our Restated Credit Facility contains restrictions on our and our subsidiaries’ ability to incur additional debt. These restrictions are subject to a number of qualifications and exceptions, and we could incur substantial amounts of debt in compliance with such restrictions. The indenture governing the notes, like the indenture governing our 5% Notes, will not limit the incurrence of debt by us or our subsidiaries, including additional secured debt (subject to the specified limitations on the incurrence of certain liens securing such debt).

The amount of our existing debt, combined with our ability to incur significant amounts of debt in the future, could have important consequences, including: making it more difficult for us to satisfy our obligations with respect to the notes; increasing our vulnerability to adverse economic or industry conditions; requiring us to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate purposes; increasing our vulnerability to, and limiting our flexibility in planning for, or reacting to, changes in our business or the industry in which we operate; exposing us to the risk of increased interest rates as borrowings under our Restated Credit Facility are subject to variable rates of interest; placing us at a competitive disadvantage compared to our competitors that have less debt; and limiting our ability to borrow additional funds. If new debt is added to our and our subsidiaries’ current debt levels, the related risks that we and they face would be increased, and we may not be able to meet all our debt obligations, including repayment of the notes, in whole or in part.

We may not be able to generate sufficient cash from operations to service our debt.

Our ability to make payments on, and to refinance, our debt and to fund planned capital expenditures will depend on our ability to generate cash in the future and our ability to borrow under our Restated Credit Facility to the extent of available borrowings. This, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control. We could experience decreased revenues from our operations and could fail to generate sufficient cash to fund our liquidity needs or fail to satisfy the restrictive covenants and borrowing limitations to which we are subject under our debt. We cannot assure you, however, that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our Restated Credit Facility or otherwise in an amount sufficient to enable us to pay our debt or to fund our other liquidity needs. We may need to refinance all or a portion of our debt on or before the maturity thereof. We cannot assure you that we will be able to refinance any of our debt on commercially reasonable terms or at all. If we cannot service our debt, we may have to take actions such as selling assets, selling equity or reducing or delaying capital expenditures, strategic acquisitions, investments and alliances. We cannot assure you that any such actions, if necessary, could be effected on commercially reasonable terms or at all.

We are subject to restrictive covenants in our Restated Credit Facility.

Our Restated Credit Facility limits, and any future indebtedness that we incur may further limit, our ability, among other things, to:

 

  •   incur additional debt;

  •   incur liens;

 

  •   enter into sale and leaseback transactions;

 

  •   purchase or acquire investments, loans and advances;

 

  •   consolidate, merge, sell or otherwise dispose of all or substantially all of our assets;

 

  •   make restricted payments or enter into restrictive agreements;

 

  •   engage in any business other than the permitted business;

 

  •   amend any permitted subordinated debt;

 

  •   prepay, redeem or repurchase certain of our debt; or

 

  •   enter into certain transactions with our affiliates.

Our Restated Credit Facility also requires that we not exceed a maximum net leverage ratio.

In addition, the indenture governing the 5% Notes limits our ability and the ability of certain of our subsidiaries to create liens or enter into certain sale and leaseback transactions and to effect a consolidation or merger.

These restrictions may restrict our financial flexibility, limit strategic initiatives, restrict our ability to grow or limit our ability to respond to competitive changes. As a result of these restrictions, we will be limited in the manner in which we can conduct our business, and we may be unable to engage in favorable business activities or finance future operations or capital needs. Accordingly, these restrictions may limit our ability to successfully execute our strategy and operate our business.

The indenture governing the notes and the indenture governing our 5% Notes contain only limited covenants.

The indenture governing the notes, like the indenture governing our 5% Notes, will contain limited covenants, including those restricting our ability and our subsidiaries’ ability to create certain liens and enter into certain sale and leaseback transactions. The limitation on liens and limitation on sale and leaseback covenants contain exceptions that will allow us and our subsidiaries to incur liens securing a significant amount of debt. In light of these exceptions, holders of the notes may be structurally or contractually subordinated to new lenders and will not have protection against many actions that could diminish the value of the notes.

If we default on our obligations to pay our other debt, we may not be able to make payments on the notes.

Any default under the agreements governing our debt, including a default under our Restated Credit Facility, that is not waived by the required lenders or holders of such debt, and the remedies sought by the holders of such debt could prevent us from paying principal and interest on the notes and substantially decrease the market value of the notes. If we are unable to generate sufficient cash flow or are otherwise unable to obtain funds necessary to meet required payments of principal and interest on our debt, or if we otherwise fail to comply with the various covenants in the agreements governing our debt, including the covenants contained in our Restated Credit Facility, we would be in default under the terms of the agreements governing such debt. In the event of such a default under our Restated Credit Facility, including a failure to satisfy the net leverage ratio requirements:

 

  •   the lenders under our Restated Credit Facility could elect to terminate their commitments thereunder, declare all the outstanding loans thereunder to be due and payable and, if not promptly paid, exercise remedies against their collateral, which includes substantially all of our assets; and

 

  •   such default could cause a cross-default or cross-acceleration under our other debt.

As a result of such default and any actions the lenders may take in response thereto, we could be forced into bankruptcy or liquidation.

The notes will not be secured by any of our assets. However, our Restated Credit Facility is secured and, therefore, our lenders thereunder and any holder of future secured debt we may incur will have a prior claim on our assets.

The notes will not be secured by any of our assets and, therefore, are effectively subordinated to all our secured obligations and the secured obligations of the subsidiary guarantors to the extent of the value of the assets securing such obligations. Our obligations and those of our guarantor subsidiaries under our Restated Credit Facility are secured by substantially all our assets. If we become insolvent or are liquidated, or if the loans under our Restated Credit Facility are accelerated, the lenders under our secured debt will be entitled to exercise the remedies available to a secured lender under applicable law and pursuant to instruments governing such debt. Accordingly, those lenders would have a prior claim on such assets. In that event, because the notes are not secured by any of our assets, it is possible that our remaining assets might be insufficient to satisfy note holders’ claims in full. In addition, claims of the U.S. Navy for ships we are building for it may be prior to your claims under the notes in the event of an insolvency event.

On July 13, 2015, we entered into our Restated Credit Facility, which includes a $1.250 billion secured revolving credit facility. Except for $30 million of issued and undrawn letters of credit, the revolving credit facility is unutilized. In addition, our Restated Credit Facility permits us to solicit lenders to provide incremental revolving loan commitments, up to two new tranches of revolving credit facilities and/or new tranches of term loans in an aggregate amount not to exceed the greater of $1.0 billion and such other amount that does not cause, on a pro forma basis, our net leverage ratio to exceed 2.00 to 1.00, subject to certain restrictions set forth therein. In addition, the terms of the notes will allow us and our guarantor subsidiaries to secure significant amounts of additional debt with our assets, all of which would be effectively senior to the notes to the extent of the value of the assets securing such obligations.

Your rights as a note holder will be effectively subordinated to claims of creditors of our subsidiaries that do not guarantee the notes.

Any liabilities of subsidiaries that do not guarantee the notes, including any claims of trade creditors, debtholders, and preferred stockholders, if any, will be effectively senior to your claim as a holder of the notes and related guarantees. Subject to limitations in our Restated Credit Facility, the indenture governing the 5% Notes, and the indenture governing the notes, such non-guarantor subsidiaries may incur additional debt (and may incur other liabilities with limitation). In the event of a bankruptcy, liquidation or reorganization of any of our non-guarantor subsidiaries, their creditors will be entitled to payment of their claims from the assets of those subsidiaries before any assets are made available for distribution to us as the holder of the equity of these subsidiaries. As of June 30, 2015, our non-guarantor subsidiaries had no material assets or liabilities.

Our ability to meet our obligations under our debt depends on the earnings and cash flows of our subsidiaries and the ability of our subsidiaries to pay dividends or advance or repay funds to us.

We conduct all of our operations through our subsidiaries. Consequently, our ability to service our debt is dependent, in part, upon the earnings from the businesses conducted by our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts to us, whether by dividends, loans, advances or other payments. The ability of our subsidiaries to pay dividends and make other payments to us depends on their earnings, capital requirements and general financial conditions and is restricted by, among other things, applicable corporate and other laws and regulations, as well as future agreements to which our subsidiaries may be a party.

The notes will be subject to a change of control provision, and we may not have the ability to raise the funds necessary to fulfill our obligations under the notes following a change of control.

Under the indenture, upon the occurrence of a defined change of control, we will be required to offer to repurchase all outstanding notes at 101% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of repurchase. However, we may not have sufficient funds at the time of a change of control to

make the required repurchase of the notes. Our failure to make or complete a change of control offer would place us in default under the indenture governing the notes. In addition, a change of control repurchase with respect to the notes would constitute an event of default under our Restated Credit Facility, which would limit our ability to make a change of control payment for the notes. As a result, in order to make any required change of control offer to purchase the notes, we would need to repay any debt then outstanding under our Restated Credit Facility or obtain the requisite consents from the lenders thereunder. However, there can be no assurance that we would be able to repay such debt or obtain such consents at such time.

Insolvency and fraudulent transfer laws and other limitations may preclude the recovery of payments under the notes and the guarantees.

Federal bankruptcy and state fraudulent transfer and conveyance statutes may apply to the issuance of the notes and the guarantees. Although laws differ among jurisdictions, in general, under applicable fraudulent transfer or conveyance laws, the notes or guarantees could be voided as a fraudulent transfer or conveyance if (1) we or any of the guarantors, as applicable, issued the notes or incurred the guarantees with the intent of hindering, delaying or defrauding creditors or (2) we or any of the guarantors, as applicable, received less than reasonably equivalent value or fair consideration in return for either issuing the notes or incurring the guarantees, and, in the case of (2) only, one of the following is also true:

 

  •   we or any of the guarantors, as applicable, were insolvent or rendered insolvent by reason of the issuance of the notes or the incurrence of the guarantees;

 

  •   the issuance of the notes or the incurrence of the guarantees left us or any of the guarantors, as applicable, with an unreasonably small amount of capital to carry on the business;

 

  •   we or any of the guarantors intended to, or believed that we or such guarantor would, incur debts beyond our or such guarantor’s ability to pay such debts as they mature; or

 

  •   we or any of the guarantors were a defendant in an action for money damages, or had a judgment for money damages docketed against us or such guarantor if, in either case, after final judgment, the judgment is unsatisfied.

A court could find that we or a guarantor did not receive reasonably equivalent value or fair consideration for the notes or such guarantee if we or such guarantor did not substantially benefit directly or indirectly from the issuance of the notes or the applicable guarantee. As a general matter, value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied. A debtor may not be considered to have received value in connection with a debt offering if the debtor uses the proceeds of that offering to make a dividend payment or otherwise retire or redeem equity securities issued by the debtor. In addition, because the debt was incurred for our benefit, and only indirectly for the benefit of the guarantors, a court could conclude that the guarantors did not receive fair value.

Different jurisdictions evaluate insolvency on various criteria. Generally, however, an entity would be considered insolvent if, at the time it incurred indebtedness:

 

  •   the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all its assets;

 

  •   the present fair saleable value of its assets was less than the amount that would be required to pay its probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; or

 

  •   it could not pay its debts as they become due.

We cannot be certain as to the standards a court would use to determine whether or not we or the guarantors were solvent at the relevant time or, regardless of the standard that a court uses, that the issuance of the notes and the incurrence of the guarantees would not be held to constitute fraudulent transfers or conveyances on other grounds.

If a court were to find that the issuance of the notes or the incurrence of a guarantee was a fraudulent transfer or conveyance, the court could void the payment obligations under the notes or such guarantee or further subordinate the notes or such guarantee to presently existing and future indebtedness of ours or of the related guarantor, or require the holders of the notes to repay any amounts received with respect to such guarantee. In the event of a finding that a fraudulent transfer or conveyance occurred, you may not receive any repayment on the notes.

Although each guarantee entered into by a guarantor will contain a provision intended to limit that guarantor’s liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent transfer, this provision may not be effective to protect those guarantees from being voided under fraudulent transfer or conveyance laws, or may reduce that guarantor’s obligation to an amount that effectively makes its guarantee worthless.

Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely affect our cost of financing and the market price of our securities, including the notes.

Credit rating agencies rate our debt securities on factors that include our operating results, actions that we take, their view of the general outlook for our industry and their view of the general outlook for the economy. Actions taken by the credit rating agencies can include maintaining, upgrading, or downgrading the current credit rating or placing us on a watch list for possible future downgrading. Downgrading the credit rating of our debt securities or placing us on a watch list for possible future downgrading by credit rating agencies, particularly those registered with the Commission as nationally recognized statistical rating organizations, would likely increase our cost of financing, limit our access to the capital markets and have an adverse effect on the market price of our securities, including the notes offered hereby.

Transfers of the notes will be restricted.

We are offering the notes in reliance upon exemptions from registration under the Securities Act and applicable state securities laws, and we will not be required to register the notes under the Securities Act. As a result, you may not transfer or resell the notes except in a transaction registered in accordance with, or exempt from, these registration requirements.

There is no established trading market for the notes.

The notes are a new issue of securities for which there is no established trading market. We do not intend to apply for listing of the notes on any securities exchange or to arrange for quotation on any automated dealer quotation system. As a result, an active trading market for the notes may not develop. If an active trading market does not develop or is not maintained, the market price and liquidity of the notes may be adversely affected. In that case, you may not be able to sell your notes at a particular time or at a favorable price. Future trading prices of the notes will depend on many factors, including:

 

  •   our operating performance and financial condition;

 

  •   the interest of securities dealers in making a market; and

 

  •   the market for similar securities.
EX-99.3 4 d78167dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

 

LOGO    NEWS RELEASE
     Contacts:
    

Jerri Fuller Dickseski

(Media)

jerri.dickseski@hii-co.com

757-380-2341

    

Rick Wyatt (Bond Investors)

Rick.Wyatt@hii-co.com

757-380-2101

Huntington Ingalls Industries Commences Tender Offer

and Consent Solicitation for 7.125% Senior Notes Due 2021

NEWPORT NEWS, Va. (Nov. 2, 2015)—Huntington Ingalls Industries, Inc. (NYSE:HII) (“HII” or the “Company”) announced today that it has commenced a cash tender offer for any and all of its outstanding 7.125% Senior Notes due 2021 (the “Notes”). In conjunction with the tender offer, HII is soliciting consents to, among other modifications, reduce the notice period required for optional redemptions, eliminate most of the covenants and certain events of default applicable to the Notes and modify certain other provisions contained in the indenture governing the Notes (the “Indenture”). HII expects to fund the tender offer and consent solicitation with the proceeds of a debt financing together with available cash on hand.

The tender offer is scheduled to expire at 11:59 p.m., New York City time, on Dec. 1, 2015 (as the same may be extended, the “Expiration Date”). Holders who validly tender their Notes and deliver their consents to the proposed amendments to the Indenture before 5 p.m., New York City time, on Nov. 16, 2015 (as the same may be extended, the “Consent Payment Date”) will be eligible to receive the Total Consideration (as defined below). Holders that validly tender Notes and deliver consents on or prior to the Consent Payment Date and have their Notes accepted for purchase are expected to receive payment of the Total Consideration promptly following the Consent Payment Date on the early settlement date (the “Early Settlement Date”). The Early Settlement Date is currently expected to occur on Nov. 17, 2015. Holders that validly tender their Notes after the Consent Payment Date, but on or prior to the Expiration Date, will receive only the Tender Offer Consideration (as defined below) promptly after the Expiration Date on the final settlement date (the “Final Settlement Date”). The Final Settlement Date is currently expected to occur on Dec. 2, 2015. Tenders of Notes may be validly withdrawn and consents may be validly revoked until 5 p.m., New York City time, on Nov. 16, 2015 (as the same may be extended, the “Withdrawal Deadline”), but may not be withdrawn thereafter except to the extent required by law.

The “Total Consideration” for each $1,000 principal amount of Notes validly tendered and not validly withdrawn prior to the Consent Payment Date is $1,056.43, which includes a consent payment of $30 per $1,000 principal amount of Notes. Holders tendering after the Consent

 

 

Huntington Ingalls Industries

4101 Washington Ave. • Newport News, VA 23607

http://newsroom.huntingtoningalls.com

Payment Date, but on or prior to the Expiration Date, will be eligible to receive only the “Tender Offer Consideration,” which is $1,026.43 for each $1,000 principal amount of Notes. Holders will also receive accrued and unpaid interest from the last interest payment date on the Notes to, but not including, the applicable settlement date for such Notes that the Company accepts for purchase in the tender offer.

The tender offer and consent solicitation are subject to certain conditions precedent, including completion of a debt financing the net proceeds of which, together with available cash on hand, will be sufficient to pay the Total Consideration plus accrued and unpaid interest for all the tendered Notes and delivered consents, plus all fees and expenses incurred in connection with the tender offer and the consent solicitation, as further described in the Offer to Purchase (as defined below).

The complete terms and conditions of the tender offer and consent solicitation are set forth in the Offer to Purchase and Consent Solicitation Statement dated Nov. 2, 2015, (the “Offer to Purchase”) and related Consent and Letter of Transmittal dated Nov. 2, 2015, (“Letter of Transmittal”) that are being sent to registered holders of the Notes. Requests for tender offer and consent solicitation documents may be directed to D.F. King & Co., Inc., the information agent, at the following address: 48 Wall Street, 22nd Floor, New York, N.Y. 10005. The information agent may be telephoned by banks and brokers at 212-269-5550 and by all others at 866-620-2538 or emailed at hii@dfking.com. The dealer managers for the tender offer and the solicitation agents for the consent solicitation are J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Questions regarding the tender offer and consent solicitation may be directed to the dealer managers and solicitation agents, J.P. Morgan Securities LLC, Attention: Liability Management Group, at 383 Madison Avenue, New York, N.Y. 10179 and BofA Merrill Lynch, Attention: Debt Advisory, at 214 North Tryon Street, Charlotte, N.C. 28255. J.P. Morgan Securities LLC may be telephoned at 212-834-3617 or toll-free at 866-834-4666. BofA Merrill Lynch may be telephoned at 980-387-9534 or toll-free at 888-292-0070.

HII intends to call for redemption, in accordance with the terms of the Indenture (as amended if the requisite consents are received), any and all Notes not tendered in the tender offer and consent solicitation at the redemption price stated in the Indenture, plus accrued and unpaid interest to, but not including, the date of redemption. HII may deliver such notice of redemption as early as the Consent Payment Date. However, no assurance can be given that such untendered Notes will be redeemed as contemplated or at all. Neither the Offer to Purchase nor the accompanying Consent and Letter of Transmittal constitute a notice of redemption.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any other securities, and there shall not be any offer to purchase, solicitation of an offer to sell or purchase of the Notes in any jurisdiction in which such an offer, solicitation or purchase is unlawful. The tender offer and consent solicitation are being made only by and pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. Holders are urged to read the Offer to Purchase and Letter of Transmittal carefully before making any decision with respect to the tender offer and consent solicitation. Holders of Notes must make their own decisions as to whether to tender their Notes and provide the related consents. None of HII, the dealer managers and solicitation agents, the tender agent, the information agent or the trustee makes any recommendations as to whether holders should tender their Notes pursuant to the tender offer or provide the related consents, and no one has been authorized to make such a recommendation.

 

 

Huntington Ingalls Industries

4101 Washington Ave. • Newport News, VA 23607

www.huntingtoningalls.com/media

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of engineering, manufacturing and management services to the nuclear energy, oil and gas markets. 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. Headquartered in Newport News, Virginia, HII employs approximately 37,000 people operating both domestically and internationally.

Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include the failure to complete the debt financing to fund the tender offer and consent solicitation; the failure to consummate the tender offer and consent solicitation; changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

 

 

Huntington Ingalls Industries

4101 Washington Ave. • Newport News, VA 23607

www.huntingtoningalls.com/media

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