InfraDefenceThe capital behind defence.
Bank

Morgan Stanley

31 defence financings on file (28 as bookrunner, 2 as co-manager, 1 as lender), about US$75.0bn of deals led.

Borrowers and issuers: Lockheed Martin, RTX (Raytheon Technologies), L3Harris Technologies, Textron, Northrop Grumman, Harris Corporation.

Financings

DateFinancingTypeAmount
24 Jul 2025Lockheed Martin US$2,000m senior notes (3 tranches)BondUS$2bn
28 May 2025Northrop Grumman US$1,000m senior notes (2 tranches)BondUS$1bn
5 Dec 2024Lockheed Martin US$1,000m senior notes (2 tranches)BondUS$1bn
31 Jul 2024L3Harris Technologies US$6,684m senior notes (8 tranches)BondUS$6.68bn
31 Jan 2024Northrop Grumman US$2,500m senior notes (3 tranches)BondUS$2.5bn
26 Jan 2024Lockheed Martin US$2,000m senior notes (3 tranches)BondUS$2bn
8 Nov 2023RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches)BondUS$6bn
24 May 2023Lockheed Martin US$2,000m senior notes (3 tranches)BondUS$2bn
7 Feb 2023Northrop Grumman US$2,000m senior notes (2 tranches)BondUS$2bn
20 Oct 2022Lockheed Martin US$4,000m senior notes (5 tranches)BondUS$4bn
22 Apr 2022Lockheed Martin US$2,300m senior notes (3 tranches)BondUS$2.3bn
3 Nov 2021RTX (Raytheon Technologies) US$2,100m senior notes (2 tranches)BondUS$2.1bn
6 Aug 2021RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches)BondUS$2bn
13 Nov 2020L3Harris Technologies US$650m 1.800% notes due 2031BondUS$650m
18 May 2020Lockheed Martin US$1,150m senior notes (2 tranches)BondUS$1.15bn
18 May 2020RTX (Raytheon Technologies) US$2,000m senior notes (2 tranches)BondUS$2bn
13 Nov 2019L3Harris US$400m 2.900% notes due 2029BondUS$400m
28 Jun 2019L3Harris US$2bn five-year revolving credit facilityBank facilityUS$2bn
1 May 2019Textron US$300m 3.900% notes due 2029BondUS$300m
15 Aug 2018RTX (Raytheon Technologies) US$11,000m senior notes (7 tranches)BondUS$11bn
25 May 2018Harris Corporation US$850m 4.400% notes due 2028BondUS$850m
2 Nov 2017Harris Corporation US$250m floating rate notes due 2020BondUS$250m
12 Sep 2017Textron US$300m 3.375% notes due 2028BondUS$300m
3 May 2017RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches)BondUS$4bn
28 Feb 2017Textron US$350m 3.650% notes due 2027BondUS$350m
31 Oct 2016RTX (Raytheon Technologies) US$4,000m senior notes (5 tranches)BondUS$4bn
7 Mar 2016Textron US$350m 4.000% notes due 2026BondUS$350m
17 Nov 2015Lockheed Martin US$7,000m senior notes (6 tranches)BondUS$7bn
1 May 2015RTX (Raytheon Technologies) US$850m 4.150% senior notes due 2045BondUS$850m
24 Apr 2015L3Harris Technologies US$2,400m senior notes (5 tranches)BondUS$2.4bn
13 Feb 2015Lockheed Martin US$2,250m senior notes (3 tranches)BondUS$2.25bn

Roles come from the filings and announcements cited on each record. Volumes are full deal sizes, not this lender's share.

Randeep Bubbra
InfraDefence Weekly

The week in defence finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing primes, mid-tiers and new defence technology. By Randeep Bubbra.

Working on a financing like this? Book 20 minutes with Randeep to see how it compares.

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