fwp
Filed Pursuant to Rule 433
Registration No. 333-152596
Issuer Free Writing Prospectus dated November 1, 2010
Relating to Prospectus dated July 29, 2008 and Preliminary Prospectus Supplement dated November 1, 2010
(NORTHROP LOGO)
$1,500,000,000
Senior Notes Offering
Pricing Term Sheet
November 1, 2010
             
    1.850% Senior Notes due   3.500% Senior Notes due   5.050% Senior Notes due
    November 15, 2015   March 15, 2021   November 15, 2040
 
            
Issuer:
  Northrop Grumman Corporation   Northrop Grumman Corporation   Northrop Grumman Corporation
 
            
Expected Ratings:(1)
  Baa2 (Moody’s Investors Service)   Baa2 (Moody’s Investors Service)   Baa2 (Moody’s Investors Service)
 
  BBB (Standard & Poor’s Ratings
Services) 		  BBB (Standard & Poor’s Ratings
Services) 		  BBB (Standard & Poor’s Ratings
Services)
 
  BBB+ (Fitch Ratings)   BBB+ (Fitch Ratings)   BBB+ (Fitch Ratings)
 
            
Principal Amount Offered:
  $500,000,000   $700,000,000   $300,000,000
 
            
Pricing Date:
  November 1, 2010   November 1, 2010   November 1, 2010
 
            
Settlement Date (T+5):
  November 8, 2010   November 8, 2010   November 8, 2010
 
            
Maturity Date:
  November 15, 2015   March 15, 2021   November 15, 2040
 
            
Benchmark Treasury:
  1.250% due October 31, 2015   2.625% due August 15, 2020   4.375% due May 15, 2040
 
            
Benchmark Treasury Price and Yield:
  100-11 1/4 (100.351563); 1.177%   99-28 (99.875000); 2.639%   106-10+ (106.328125); 4.008%
 
            
Spread to Benchmark Treasury:
  + 70 basis points   + 90 basis points   + 105 basis points
 
            
Yield to Maturity:
  1.877%   3.539%   5.058%
 
            
Coupon (Interest Rate):
  1.850%   3.500%   5.050%
 
            
Day Count Convention:
  30/360   30/360   30/360
 
            
Price to Public:(2)
  99.871%   99.668%   99.876%

 

 

             
    1.850% Senior Notes due   3.500% Senior Notes due   5.050% Senior Notes due
    November 15, 2015   March 15, 2021   November 15, 2040
 
            
Interest Payment Dates:
  May 15 and November 15, commencing May 15, 2011   March 15 and September 15, commencing March 15, 2011   May 15 and November 15, commencing May 15, 2011
 
            
Optional Redemption:
  At any time at a discount rate of the Adjusted Treasury Rate + 10 basis points   At any time at a discount rate of the Adjusted Treasury Rate + 15 basis points   At any time at a discount rate of the Adjusted Treasury Rate + 20 basis points
 
            
CUSIP / ISIN:
  666807 BC5 / US666807BC57   666807 BE1 / US666807BE14   666807 BD3 / US666807BD31
 
            
Denominations:
  $2,000 and multiples of $1,000 in excess thereof   $2,000 and multiples of $1,000 in excess thereof   $2,000 and multiples of $1,000 in excess thereof
 
            
Joint Book-Running Managers:
  Citigroup Global Markets Inc.
J.P. Morgan Securities LLC
RBS Securities Inc. 		  Citigroup Global Markets Inc.
J.P. Morgan Securities LLC
RBS Securities Inc. 		  Citigroup Global Markets Inc.
J.P. Morgan Securities LLC
RBS Securities Inc.
 
  Credit Suisse Securities (USA) LLC   Credit Suisse Securities (USA) LLC   Credit Suisse Securities (USA) LLC
 
  Deutsche Bank Securities Inc.   Deutsche Bank Securities Inc.   Deutsche Bank Securities Inc.
 
  Wells Fargo Securities, LLC   Wells Fargo Securities, LLC   Wells Fargo Securities, LLC
 
            
Senior Co-Managers:
  BNP Paribas Securities Corp.
Mitsubishi UFJ Securities (USA), Inc. 		  BNP Paribas Securities Corp.
Mitsubishi UFJ Securities (USA), Inc. 		  BNP Paribas Securities Corp.
Mitsubishi UFJ Securities (USA), Inc.
 
  SunTrust Robinson Humphrey, Inc.   SunTrust Robinson Humphrey, Inc.   SunTrust Robinson Humphrey, Inc.
 
            
Co-Managers:
  Banca IMI S.p.A.   Banca IMI S.p.A.   Banca IMI S.p.A.
 
  Goldman, Sachs & Co.   Goldman, Sachs & Co.   Goldman, Sachs & Co.
 
  Morgan Stanley & Co. Incorporated   Morgan Stanley & Co. Incorporated   Morgan Stanley & Co. Incorporated
 
(1)     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.
 
(2)    Plus accrued interest, if any, from November 8, 2010.
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 toll free numbers listed below:
         
Citigroup Global Markets Inc.   J.P. Morgan Securities LLC   RBS Securities Inc.
(877) 858-5407 (toll free)   (212) 834-4533 (collect)   (866) 884-2071 (toll free)
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