| Deal Description | Litton Industries, Inc., used a portion of the net proceeds from this transaction to pay and discharge bank debts incurred for working capital purposes. Another portion of the proceeds was used to pay and discharge debt owed by the Ingalls Shipbuilding Corporation, a wholly owned subsidiary of the company, pursuant to an advance payment agreement between the United States of America (Department of the Navy) and the Ingalls Shipbuilding Corporation, payment of which debt was guaranteed by the company upon acquisition of that company. The balance of the proceeds was added to the company's general funds, and available for any corporate purposes. |
|---|
