Milbank Advises Initial Purchasers on BAE Systems’ $4.8B Bond Offering

Milbank LLP has advised the initial purchasers on BAE Systems plc’s (the “Company”) offering of $800 million 5.000% Notes due 2027, $1.25 billion 5.125% Notes due 2029, $500 million 5.250% Notes due 2031, $1.5 billion 5.300% Notes due 2034 and $750 million 5.500% Notes due 2054. The Company will use a portion of the proceeds to refinance the acquisition financing incurred in connection with the acquisition of Ball Aerospace.
 
BAE Systems is an international defence, aerospace and security company which provides some of the world’s most advanced, technology-led defence, aerospace and security solutions and employs a skilled workforce of 99,800 people (as of 31 December 2023 and including share of equity accounted investments) in over 40 countries.  

The Milbank team was led by Corporate Finance and Securities partners Tim Peterson and Trevor Truman and supported by associates Lefteris Dafermos and Panos Tsezos. The team also included US Tax associate Seth Moreida and UK Tax counsel Andrew Callaghan.