United Kingdom

27 Financial Institutions currently invest or make available an estimated USD$ 27,834.86 million in nuclear weapons companies.

 

Runners up

These are financial institutions that have a published policy excluding investments in nuclear weapons companies, but who’s policy is not comprehensive in scope as it does not meet one or more of the following criteria:

  • no exceptions for any types of nuclear weapon companies
  • no exceptions for any types of activities by nuclear weapon companies
  • no exceptions for any type of financing or investment by the financial institution

The Runners up category is quite broad in definition and offers a place to some financial institutions that are almost eligible for the Hall of Fame, but also some institutions that are barely escaping the Hall of Shame. For each institution, we give a description of its policy and investments it currently has in any of the 27 producing companies, if any. We also comment on the reasons why any particular institution is not in the Hall of Fame.

By including a Runner up category, we aim to feed discussions on exclusion policies and their implementation. Ultimately, we hope of course to be able to welcome more institutions in the Hall of Fame in future updates.

Co-operative Bank (Private)

The Co-operative Bank is part of The Co-operative Group, the UK’s largest cooperative group. Co-operative Bank offers a range of financial products, from current accounts and savings accounts to credit cards and loans, it operates an ethical policy which it updates regularly to reflect its customers’ views. 2012 marked the 20th anniversary of the launch of the bank’s Ethical Policy, that contains 27 specific clauses that restrict the provision of finance to certain business sectors or activities. It comprises 27 policy statements that are underpinned by a mandate from approximately a quarter of a million customers who have participated in the five policy consultations (1995, 1998, 2001, 2005 and 2009). Regarding weapons, the Co-operative Banking Group policy is not to finance “the manufacture or transfer of armaments to oppressive regimes” and “the manufacture or transfer of indiscriminate weapons, e.g. cluster bombs and depleted uranium munitions

<         The Co-operative Bank, “Ethical Banking”, available at http://www.goodwithmoney.co.uk/ethical-banking, last viewed July 2013.)). Nuclear weapons are included in the definition of indiscriminate weapons used by Co-operative Bank. This means that the group will not finance any company that manufactures, sellsand exports nuclear weapons to oppressive regimes or that exports strategic parts or services for nuclear weaponsto oppressive regimes.1 To put this into practice, all business customers are required to complete an ethical policy questionnaire. In its annual report for 2012, the Co-operative Banking Group makes clear that it denied finance to seven defence component manufacturers, two businesses involved in the manufacture or supply of components for weapons and one chemicals supplier facility for a business involved in the provision of nuclear weapons services for a government considered an oppressive regime.2 The bank’s ethical policy unit reviews business applications against its policy statements to decide whether the bank can offer the applicant business banking facilities.3

 

Despite having no investments in any of the producers identified in this report, Co-operative Bank is not included in the Hall of Fame (yet) because its policy is not comprehensive when it comes to types of nuclear weapons companies or types of activities by these companies. By singling out only repressive regimes, Co-operative Bank’s policy gives the impression that it would invest in nuclear weapons producers in other states. We commend Co-operative Bank for their policy and encourage them to further strengthen the policy so they may be listed in the Hall of Fame in our next report.

 

Hall of Shame

Artemis Investment Management

Artemis Investment Management currently has an estimated USD$ 259.95 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 1 provides an overview of the nuclear weapon companies in which Artemis Investment Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 1         Shareholdings of Artemis Investment Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 1.53 259.95 26-Sep-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Aviva

Aviva currently has an estimated USD$ 648.06 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 2 provides an overview of the nuclear weapon companies in which Aviva owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 2         Shareholdings of Aviva

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 1.13 68.49 1-Jun-2013
BAE Systems United Kingdom 1.20 194.85 2-Oct-2012
Thales France 1.08 94.17 30-Apr-2012 until31-Dec-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Table 3 provides an overview of the nuclear weapon companies in which Aviva owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 3         Bondholdings of Aviva

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 0.69 33.00 31-Mar-13
Boeing United States 0.92 83.19 31-Mar-13
Honeywell International United States 1.42 85.96 31-Mar-13
Northrop Grumman United States 0.95 56.12 31-Mar-13
Rockwell Collins United States 4.30 32.28 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.
<h2id=”Baillie”>Baillie Gifford & Co

Baillie Gifford & Co currently has an estimated USD$ 920.58 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 4 provides an overview of the nuclear weapon companies in which Baillie Gifford & Co owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 4         Shareholdings of Baillie Gifford & Co

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Rolls-Royce United Kingdom 2.13 691.97 3-Jun-2013
Serco United States 4.81 228.61 25-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Barclays

Barclays currently has an estimated USD$ 3,401.00 million invested or available for the nuclear weapons producers identified in this report.

Loans

In September 2010, Aecom secured a US$600 million four-year term credit agreement at a base rate of LIBOR+250.000bps. The proceeds were used for general corporate purposes, to increase working capital, for refinancing and acquisition needs. Under the credit agreement, Aecom borrowed US$ 600 million in term loans and may borrow up to an additional $100 million in term loans upon request subject to certain conditions. Barclays was part of the ten bank syndicate and provided an estimated US$ 45 million.4

 

In March 2010, Babcock International secured a £ 400 million (US$ 601 million) bridge loan due October 2011. The company also entered into a £ 600 million (US$ 902 million) backstop facility which was comprised of a £ 305 million (US$ 459 million) revolver due June 2012 and a £ 295 million (US$ 443 million) term loan due March 2011. The proceeds of the facilities were used to back the company’s £ 1.3 billion (US$ 2.0 billion) bid for VT Group, a British defence and services company. The acquisition was completed in June 2010. Barclays participated in the six bank syndicate, committing an estimated US$ 225 million.5

 

In June 2011, Babcock International secured a £ 500 million (US$ 810 million) five-year credit facility. The proceeds were used for refinancing and general corporate purposes. Barclays was one of seven bookrunners in the syndicate of ten banks, providing an estimated US$ 81 million.6)

 

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Barclays was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.7

 

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Barclays was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.8

 

In June 2013, Bechtel signed a five-year revolving credit facility with a value of US$ 3,000 million. The facility is an extension of the US$ 975 million revolving credit from July 2012 and is split in two tranches: a US$ 1,000 million revolver at a base rate of LIBOR+100.000bps, and a US$ 2,000 million revolver at a base rate of LIBOR+55.000bps. The proceeds would be used for refinancing and general corporate purposes. Barclays participated in the syndicate of eight banks, and committed an estimated amount of US$ 300 million.9

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Barclays was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.10

 

In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Barclays participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.11

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Barclays participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.12

 

In December 2010, Fluor entered into a US$ 2,000 million credit facility. The facility was split in two tranches: a US$ 800 million tranche due December 2013 at a base rate of LIBOR+100.000bps and a US$ 1,200 million tranche due December 2015 at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Barclays participatedin the syndicate of ten banks, providing an estimated amount of US$ 150 million.13

 

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. Barclays participated in the 22 bank syndicate of the 2016 loan, committing an estimated amount of US$ 35.5 million.14

 

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. Barclays participated in the 29 bank syndicate, committing anamount of US$ 160 million.15

 

In April 2012, Honeywell International secured a US$ 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. Barclays participated in the 16 bank syndicate, committing an estimated amount of US$ 182.1 million.16

 

In August 2011, Lockheed Martin secured a five-year revolving credit facility with a value of US$ 1,500 million at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Barclays participated in the 21 bank syndicate, committing anamount of US$ 55 million.17

 

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Barclays participated in the 28 bank syndicate, committing an estimated amount of US$ 12.5 million.18

 

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. Barclays participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.19

 

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Barclays participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.20

 

In June 2011, Serco secured a credit facility with a total value of £ 300 million (US$ 485.8 million). The facility was divided in two tranches: a £ 225 million bridge loan due June 2012 and a £ 75 million term loan due June 2014. The proceeds were used for general corporate purposes and to acquire Intelenet, an Indian company which provides business process outsourcing services. Barclays participated in the three bank syndicate, committing an estimated amount of US$ 161.9 million.21

 

In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. Barclays was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.22

 

In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. Barclays participated in the 20 bank syndicate, committing an estimated amount of US$ 87.9 million.23

 

In March 2012, URS entered into a US$ 500 million bridge Loan due March 2013 at a base rate of LIBOR+175.000bps. The proceeds will be used for future acquisitions. Barclays was part of the syndicate of ten banks, participating with an estimated amount of US$ 42.9 million.24

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Barclays participatedin the syndicate of 31 banks, underwriting anamount of US$ 22.5 million.25

 

In April 2013, Boeing issued bonds with a total value of US$ 150 million. The bonds have a floating interest rate ofthree-month LIBOR+1bp and are due November 2014. The proceeds were used for general corporate purposes. Barclays participatedin the syndicate of three banks, underwriting an estimated amount of US$ 50 million.26

 

In April 2013, EADS Finance, a subsidiary of EADS, issued bonds with a total value of US$ 1,000 million with an interest rate of2.700% due April 2023. The proceeds were used for general corporate purposes. Barclays participatedin the syndicate of six banks, underwriting an estimated amount of US$ 166.7 million.27

 

In May 2010, Fluor issued bonds with a total value of US$ 396 milliondue May 2040. The proceeds were used for general corporate purposes. Barclays participatedin the syndicate of two banks, underwriting an estimated amount of US$ 198 million.28

 

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. Barclays participatedin the syndicate of 17 banks, underwriting anamount of US$ 15 million.29

 

In July 2011, General Dynamics issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million1.375% tranche due January 2015, a US$ 500 million2.250% tranche due July 2016 and a US$ 500 million3.875% tranche due July 2021. The proceeds were used for general corporate purposes. Barclays participated in the 21 bank syndicate,underwriting anamount of US$ 30 million.30

 

In November 2012, General Dynamics issued bonds with a total value of US$ 2,400 million. The issue was split in three tranches: a US$ 1,000 million2.250% tranche due November 2022, a US$ 900 million1.000% tranche due November 2017 and a US$ 500 million3.600% tranche due November 2042. The proceeds were used for reduce indebtedness and general corporate purposes. Barclays participated in the 18 bank syndicate,underwriting anamount of US$ 72 million.31

 

In July 2011, Honeywell International issued bonds with a total value of US$ 1,400 million. The issue was split in two tranches: a US$ 800 million4.250% tranche due March 2021 and a US$ 600 million5.375% tranche due March 2041. The proceeds were used for reduce indebtedness and general corporate purposes. Barclays participated in the 14 bank syndicate,underwriting anamount of US$ 280 million.32

 

In May 2010, Larsen & Toubro issued step-up bonds with a value of INR 3,000 million (US$ 63.7 million). This bond will have an interest rate of 8.750% in the second year and 9.150% in the years thereafter. The bond is due May 2020. Barclays was the sole bookrunner of the issue, underwriting the whole amount of US$ 44.9 million.33

 

In July 2011, L&T Finance Holdings a subsidiary of Larsen & Toubro, issued shares through an Initial Public Offering (IPO), raising INR 12,360.7million (US$ 279.7 million). The proceeds were used for paying fees & expenses, investing in other companies, capital expenditures, reducing indebtedness and general corporate purposes. Barclays participatedin the syndicate of six banks, underwriting an estimated amount of US$ 46.6 million.34

 

In September 2011, L&T Finance, a subsidiary of Larsen & Toubro, issued bonds with a value of INR 1,100 million (US$ 23.9 million). The bonds have an interest rate of 9.960% and are due September 2013. Barclays was the sole bookrunner of the issue, underwriting the whole amount of US$ 23.9 million.35

 

In April 2012, Larsen & Toubro issued bonds with a total value of INR 2,500 million (US$ 48.6 million) with an interest rate of9.750% due April 2022. The proceeds were used for general corporate purposes. Barclays was the sole bookrunner of the issue, underwriting the whole amount of US$ 48.6 million.36

 

In March 2012, Larsen & Toubro issued bonds with a total value of INR 2,500 million (US$ 48.7 million) with an interest rate of9.750% due March 2022. The proceeds were used for general corporate purposes. Barclays was the sole bookrunner of the issue, underwriting the whole amount of US$ 48.7 million.37

 

In May 2013, Northrop Grumman issued bonds with a total value of US$ 2,850 million. The issue was split in three tranches: a US$ 1,050 million3.250% tranche due August 2023, a US$ 950 million4.750% tranche due June 2043 and a US$ 850 million1.750% tranche due June 2018. The proceeds were used for reducing indebtedness, future acquisitions, working capital, stock repurchase and general corporate purposes. Barclays participated in the 26 bank syndicate,underwriting an estimated amount of US$ 35.6 million.38

 

In June 2013, Rolls-Royce Holdings, a subsidiary of Rolls-Royce, issued bonds with a total value of US$ 1,585 million. The issue was split in two tranches: a £ 375 million(US$ 586.5 million) 3.375% tranche due June 2026 and a € 750 million(US$ 998.4 million) 2.125% tranche due June 2021. The proceeds were used for general corporate purposes. Barclays Capital, a subsidiary of Barclays, participated in the four bank syndicate,underwriting an estimated amount of US$ 396.2 million.39

 

In December 2011, Serco issued bonds with a total value of US$ 335 million. The issue was split in three tranches: a US$ 70 million3.780% tranche due December 2019, a US$ 125 million4.270% tranche due December 2023 and a US$ 140 million4.170% tranche due December 2021. The proceeds were used for general corporate purposes. Barclays participated in the three bank syndicate,underwriting an estimated amount of US$ 111.7 million.40

Cazenove Capital Management

Cazenove Capital Management currently has an estimated USD$ 82.94 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 5 provides an overview of the nuclear weapon companies in which Cazenove Capital Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 5         Shareholdings of Cazenove Capital Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 1.37 82.94 1-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Co-operative Asset Management

Co-operative Asset Management currently has an estimated USD$ 35.70 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 6 provides an overview of the nuclear weapon companies in which Co-operative Asset Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 6         Shareholdings of Co-operative Asset Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 0.59 35.70 1-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Egerton Capital

Egerton Capital currently has an estimated USD$ 211.51 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 7 provides an overview of the nuclear weapon companies in which Egerton Capital owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 7         Shareholdings of Egerton Capital

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Rolls-Royce United Kingdom 0.60 211.51 3-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

F&C Asset Management

F&C Asset Management currently has an estimated USD$ 185.25 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 8 provides an overview of the nuclear weapon companies in which F&C Asset Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 8         Shareholdings of F&C Asset Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 1.43 87.15 1-Jun-2013
BAE Systems United Kingdom 0.52 98.10 6-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

HSBC

HSBC currently has an estimated USD$ 4,017.40 million invested or available for the nuclear weapons producers identified in this report.

Loans

In September 2010, Aecom secured a US$600 million four-year term credit agreement at a base rate of LIBOR+250.000bps. The proceeds were used for general corporate purposes, to increase working capital, for refinancing and acquisition needs. Under the credit agreement, Aecom borrowed US$ 600 million in term loans and may borrow up to an additional $100 million in term loans upon request subject to certain conditions. HSBC was part of the ten bank syndicate and provided an estimated US$ 45 million.41

 

In July 2011, Aecom entered into an amended revolving credit facility, with a borrowing capacity of US$ 1,050 million at a base rate of LIBOR+150.000bps and a five-year expiration date. The proceeds would be used as working capital and for general corporate purposes. HSBC was part of the ten bank syndicate, participating with an estimated US$ 79 million.42

 

In September 2011, Aecom secured a US$ 600 million five-year term loan at a base rate of LIBOR+175.000bps, amending and replacing an existing credit agreement from September 2010. The proceeds were used to refinance bank debt and for general corporate purposes. HSBC was part of the eleven bank syndicate and provided an estimated US$ 33 million.43

 

In June 2013, Aecom entered into a US$ 750 million five-year term loan at a base rate of LIBOR+150.000bps, a second amendment to an existing credit agreement from 2010. The proceeds were destined for capital expenditures, to repay all obligations owing under the existing credit agreement, and for other general corporate purposes. HSBC was part of the 24 bank sundicate and participated with an estimated US$ 20 million.44

 

In June 2011, Babcock International secured a £ 500 million (US$ 810 million) five-year credit facility. The proceeds were used for refinancing and general corporate purposes. HSBC was one of seven bookrunners in the syndicate of ten banks, providing an estimated US$ 81 million.45)

 

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. HSBC was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.46

 

In April 2012, CH2M Hill signed a US$ 900 million revolving credit facility due April 2017 at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. HSBC participated in the nine bank syndicate, committing an estimated amount of US$ 72 million.47

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. HSBC participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.48

 

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. HSBC participated in the 29 bank syndicate, committing anamount of US$ 100 million.49

 

In April 2012, Honeywell International secured a US$ 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. HSBC participated in the 16 bank syndicate, committing an estimated amount of US$ 182.1 million.50

 

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. HSBC participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.51

 

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. HSBC participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.52

 

In December 2010, Safran secured a five-year revolving credit facility with a value of € 1,600 million (US$ 2,122.3 million). The proceeds were used for general corporate purposes. HSBC participated in the 12 bank syndicate, committing an estimated amount of US$ 254.7 million.53

 

In October 2011, Safran secured a five-year revolving credit facility with a value of € 950 million (US$ 1,320.4 million). The proceeds were used to replace an existing backup facility which was due to mature in January 2012. HSBC participated in the seven bank syndicate, committing an estimated amount of US$ 176.1 million.54

 

In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. HSBC was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.55

 

In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. HSBC participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.56

 

In October 2011, URS entered into a US$ 1,700 million credit facility at a base rate of LIBOR+150.000bps due October 2016. The facility was split in two tranches: a US$ 1,000 million revolving credit facility and a US$ 700 million term loan. The proceeds were used for refinancing bank debt and general corporate purposes. HSBC participatedin the syndicate of 16 banks, providing an estimated amount of US$ 85 million.57

 

In March 2012, URS entered into a US$ 500 million bridge loan due March 2013 at a base rate of LIBOR+175.000bps. The proceeds will be used for future acquisitions. HSBC was part of the syndicate of ten banks, participating with an estimated amount of US$ 42.9 million.58

Investment banking

In July 2011, Honeywell International issued bonds with a total value of US$ 1,400 million. The issue was split in two tranches: a US$ 800 million4.250% tranche due March 2021 and a US$ 600 million5.375% tranche due March 2041. The proceeds were used for reduce indebtedness and general corporate purposes. HSBC participated in the 14 bank syndicate,underwriting anamount of US$ 21 million.59

 

In April 2010, Larsen & Toubro issued bonds with a value of INR 2,000 million (US$ 44.9 million). The bonds have an interest rate of 8.800% and are due April 2012. The proceeds were used for general corporate purposes. HSBC acted as the sole bookrunner for the issue, underwriting the whole amount of US$ 44.9 million.60

 

In April 2010, L&T Finance, a subsidiary of Larsen & Toubro, issued bonds with a value of INR 1,750 million (US$ 39.4 million). The bonds have an interest rate of 7.450% and are due April 2012. HSBC acted as the sole bookrunner for the issue, underwriting the whole amount of US$ 39.4 million.61

 

In July 2011, L&T Finance Holdings a subsidiary of Larsen & Toubro, issued shares through an Initial Public Offering (IPO), raising INR 12360.7million (US$ 279.7 million). The proceeds were used for paying fees & expenses, investing in other companies, capital expenditures, reducing indebtedness and general corporate purposes. HSBC participatedin the syndicate of six banks, underwriting an estimated amount of US$ 46.6 million.62

 

In November 2011, L&T Finance, a subsidiary of Larsen & Toubro, issued bonds with a total value of INR 2,950 million (US$ 56.3 million). The issue was split in two tranches: a INR 1,750 million(US$ 33.4 million) 10.150% tranche due May 2013 and a INR 1,200 million(US$ 22.9 million) 10.150% tranche due November 2013. The proceeds were used for general corporate purposes. HSBC was the sole bookrunner of the issue, underwriting the whole amount of US$ 56.3 million.63

 

In December 2011, L&T Finance, a subsidiary of Larsen & Toubro, issued bonds with a total value of INR 4,595 million (US$ 85.7 million). The issue was split in four tranches: a INR 1,630 million(US$ 30.4 million) 10.150% tranche due December 2013, a INR 2,415 million(US$ 45 million) 10.150% tranche due December 2013, a INR 250 million(US$ 4.7 million) 10.040% tranche due June 2013 and a INR 300 million(US$ 5.6 million) 10.040% tranche due June 2013. The proceeds were used for general corporate purposes. HSBC participated in the three bank syndicate,underwriting an estimated amount of US$ 28.6 million.64

 

In June 2012, L&T Finance, a subsidiary of Larsen & Toubro, issued bonds with a total value of INR 4,000 million (US$ 71.8 million). The issue was split in two tranches: a INR 2,000 million(US$ 35.9 million) 10.149% tranche due June 2014 and a INR 2,000 million(US$ 35.9 million) 10.150% tranche due June 2014. The proceeds were used for working capital and general corporate purposes. HSBC participated in the four bank syndicate,underwriting an estimated amount of US$ 18 million.65

 

In December 2012, L&T Finance, a subsidiary of Larsen & Toubro, issued bonds with a total value of INR 1,700 million (US$ 30.9 million) with an interest rate of9.180% due March 2014. The proceeds were used for general corporate purposes. HSBC was the sole bookrunner of the issue, underwriting the whole amount of US$ 30.9 million.66

 

In June 2013, Rolls-Royce Holdings, a subsidiary of Rolls-Royce, issued bonds with a total value of US$ 1,585 million. The issue was split in two tranches: a £ 375 million(US$ 586.5 million) 3.375% tranche due June 2026 and a € 750 million(US$ 998.4 million) 2.125% tranche due June 2021. The proceeds were used for general corporate purposes. HSBC participated in the four bank syndicate,underwriting an estimated amount of US$ 396.2 million.67

 

In October 2010, Safran issued new shares, raising € 310.7million (US$ 432.5 million). The proceeds were used for general corporate purposes and investments. HSBC was the sole bookrunner of the issue, underwriting the whole amount of US$ 432.5 million.68

 

In March 2013, Thales issued bonds with a total value of € 800 million (US$ 1,036.7 million). The issue was split in two tranches: a € 300 million(US$ 388.8 million) 2.250% tranche due March 2021 and a € 500 million(US$ 647.9 million) 1.625% tranche due March 2018. The proceeds were used for general corporate purposes. HSBC participated in the seven bank syndicate,underwriting an estimated amount of US$ 148.1 million.69

 

In July 2011, ThyssenKrupp issued new shares, raising € 1,630.5million (US$ 2,341.7 million). HSBC-Trinkaus & Burkhardt, a subsidiary of HSBC, participatedin the syndicate of three banks, underwriting an estimated amount of US$ 780.6 million.70

 

In February 2013, ThyssenKrupp issued bonds with a total value of € 1,250 million (US$ 1669.6 million) with an interest rate of4.000% due August 2018. The proceeds were used for general corporate purposes. HSBC participatedin the syndicate of four banks, underwriting an estimated amount of US$ 417.4 million.71

 

Legal & General Group currently has an estimated USD$ 2,208.95 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 9 provides an overview of the nuclear weapon companies in which Legal & General Group owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 9         Shareholdings of Legal & General Group

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 3.96 252.56 13-May-2013
BAE Systems United Kingdom 3.38 636.95 6-Jun-2013
Rolls-Royce United Kingdom 3.94 1,155.48 8-Feb-2013
Serco United Kingdom 3.28 153.45 11-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Table 10 provides an overview of the nuclear weapon companies in which Legal & General Group owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 10      Bondholdings of Legal & General Group

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
GenCorp United States 1.59 10.51 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

 

Lloyds Banking Group

Lloyds Banking Group currently has an estimated USD$ 2,326.48 million invested or available for the nuclear weapons producers identified in this report.

Loans

In March 2010, Babcock International secured a £ 400 million (US$ 601 million) bridge loan due October 2011. The company also entered into a £ 600 million (US$ 902 million) backstop facility which was comprised of a £ 305 million (US$ 459 million) revolver due June 2012 and a £ 295 million (US$ 443 million) term loan due March 2011. The proceeds of the facilities were used to back the company’s £ 1.3 billion (US$ 2.0 billion) bid for VT Group, a British defence and services company. The acquisition was completed in June 2010. Lloyds TSB Capital, a subsidiary of Lloyds Banking Group, was one of two bookrunners in the six bank syndicate, providing an estimated US$ 300 million.72

 

In June 2011, Babcock International secured a £ 500 million (US$ 810 million) five-year credit facility. The proceeds were used for refinancing and general corporate purposes. Lloyds Banking Group was one of seven bookrunners in the syndicate of ten banks, providing an estimated US$ 81 million.73

 

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Lloyds TSB Capital, a subsidiary of Lloyds Banking Group, participated in the 24 bank syndicate with an estimated amount of US$ 132 million.74

 

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Lloyds Banking Group was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.75

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Lloyds TSB Bank, a subsidiary of Lloyds Banking Group, was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.76

 

In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Lloyds Banking Group participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.77

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Lloyds Banking Group participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.78

 

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. Lloyds TSB Capital, a subsidiary of Lloyds Banking Group, participated in the 21 bank syndicate, committing an estimated amount of US$ 37.5 million.79

 

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. Lloyds TSB Bank, a subsidiary of Lloyds Banking Group, participated in the 22 bank syndicate, committing an estimated amount of US$ 78.1 million.80

 

In August 2011, Lockheed Martin secured a five-year revolving credit facility with a value of US$ 1,500 million at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Lloyds Banking Group participated in the 21 bank syndicate, committing anamount of US$ 55 million.81

 

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Lloyds Banking Group participated in the 28 bank syndicate, committing an estimated amount of US$ 12.5 million.82

 

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. Lloyds Banking Group participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.83

 

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Lloyds TSB Bank, a subsidiary of Lloyds Banking Group, participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.84

 

In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. Lloyds Banking Group was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.85

Investment banking

In May 2012, BAE Systems issued £ 400 million (US$ 619 million) worth of 4.125% ten-year bonds. The proceeds were used for general corporate purposes. Lloyds TSB Capital, a subsidiary of Lloyds Banking, was one of the four joint bookrunners, underwriting an estimated US$ 155 million.86

 

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Lloyds Banking Group participatedin the syndicate of 31 banks, underwriting anamount of US$ 7.5 million.87

 

In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. Lloyds TSB Capital, a subsidiary of Lloyds Banking Group, participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.88

 

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. Lloyds Banking Group participatedin the syndicate of 17 banks, underwriting anamount of US$ 15 million.89

 

In July 2011, General Dynamics issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million1.375% tranche due January 2015, a US$ 500 million2.250% tranche due July 2016 and a US$ 500 million3.875% tranche due July 2021. The proceeds were used for general corporate purposes. Lloyds Banking Group participated in the 21 bank syndicate,underwriting anamount of US$ 52.5 million.90

 

In November 2012, General Dynamics issued bonds with a total value of US$ 2,400 million. The issue was split in three tranches: a US$ 1,000 million2.250% tranche due November 2022, a US$ 900 million1.000% tranche due November 2017 and a US$ 500 million3.600% tranche due November 2042. The proceeds were used for reduce indebtedness and general corporate purposes. Lloyd Securities, a subsidiary of Lloyds Banking Group, participated in the 18 bank syndicate,underwriting anamount of US$ 90 million.91

 

In September 2011, Lockheed Martin issued bonds with a total value of US$ 2,000 million. The issue was split in three tranches: a US$ 500 million 2.125% tranche due September 2016, a US$ 900 million 3.350% tranche due September 2021 and a US$ 600 million 4.850% tranche due September 2041. The proceeds were used for general corporate purposes and to reduce indebtedness. Lloyds Banking Group participated in the 15 bank syndicate,underwriting anamount of US$ 10 million.92

 

In May 2013, Northrop Grumman issued bonds with a total value of US$ 2,850 million. The issue was split in three tranches: a US$ 1,050 million3.250% tranche due August 2023, a US$ 950 million4.750% tranche due June 2043 and a US$ 850 million1.750% tranche due June 2018. The proceeds were used for reducing indebtedness, future acquisitions, working capital, stock repurchase and general corporate purposes. Lloyds Banking Group participated in the 26 bank syndicate,underwriting an estimated amount of US$ 35.6 million.93

Asset management

Table 11 provides an overview of the nuclear weapon companies in which Lloyds Banking Group owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 1         Shareholdings of Lloyds Banking Group

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 1.40 84.76 1-Jun-2013
BAE Systems United Kingdom 2.72 443.74 9-Oct-2012
Rolls-Royce United Kingdom 0.97 314.80 3-Jun-2013
Serco United Kingdom 4.11 195.27 25-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Table 12 provides an overview of the nuclear weapon companies in which Lloyds Banking Group owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 2         Bondholdings of Lloyds Banking Group

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 0.78 37.41 28-Feb-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

Longview Partners(Guernsey)

Longview Partners currently has an estimated USD$ 294.46 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 13 provides an overview of the nuclear weapon companies in which Longview Partners owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 13      Shareholdings of Longview Partners

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Nortrop Grumman United States 1.78 294.46 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

M&G Investments

M&G Investments currently has an estimated USD$ 1,000.05 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 14 provides an overview of the nuclear weapon companies in which M&G Investments owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 14      Shareholdings of M&G Investments

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 1.70 102.98 1-Jun-2013
BAE Systems United Kingdom 1.54 251.29 8-Oct-2012
Fluor United States 3.18 343.42 31-Mar-2013
Rolls-Royce United Kingdom 0.93 302.36 3-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Majedie Asset Management

Majedie Asset Management currently has an estimated USD$ 334.70 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 15 provides an overview of the nuclear weapon companies in which Majedie Asset Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 15      Shareholdings of Majedie Asset Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 2.06 334.70 3-Oct-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Marathon Asset Management

Marathon Asset Management currently has an estimated USD$ 127.57 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 16 provides an overview of the nuclear weapon companies in which Marathon Asset Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 16      Shareholdings of Marathon Asset Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 0.68 127.57 6-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Mondrian Investment Partners

Mondrian Investment Partners currently has an estimated USD$ 62.19 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 17 provides an overview of the nuclear weapon companies in which Mondrian Investment Partners owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 17      Shareholdings of Mondrian Investment Partners

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Serco United States 1.44 62.19 27-Feb-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Newton Investment Management

Newton Investment Management currently has an estimated USD$ 777.59 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 18 provides an overview of the nuclear weapon companies in which Newton Investment Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 18      Shareholdings of Newton Investment Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 2.36 384.37 8-Oct-2012
Lockheed Martin United States 0.54 168.42 31-Mar-2013
Serco United States 4.73 224.80 25-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Old Mutual

Old Mutual currently has an estimated USD$ 2,0001.03 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 19 provides an overview of the nuclear weapon companies in which Old Mutual owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 19      Shareholdings of Old Mutual

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Alliant Techsystems United States 2.05 47.95 31-Mar-2013
EADS* Netherlands 1.22 339.14 10-Oct-2012 until31-May-2013
Honeywell International United States 2.21 1,311.76 31-Mar-2013
Nortrop Grumman United States 1.66 273.72 31-Mar-2013
URS United States 0.79 28.46 31-Mar-2013

* Including EADS ADRs

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Oxford Asset Management

Oxford Asset Management currently has an estimated USD$ 17.65 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 20 provides an overview of the nuclear weapon companies in which Oxford Asset Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 20      Shareholdings of Oxford Asset Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Aecom United States 0.52 17.65 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013

 

Prudential

Prudential currently has an estimated USD$ 312.21 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 21 provides an overview of the nuclear weapon companies in which Prudential owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 21      Shareholdings of Prudential

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
GenCorp United States 0.68 5.49 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Table 22 provides an overview of the nuclear weapon companies in which Prudential owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 22      Bondholdings of Prudential

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 2.00 95.31 31-Mar-13
Boeing United States 0.79 72.07 31-Mar-13
Lockheed Martin United States 1.01 70.02 31-Mar-13
Northrop Grumman United States 1.00 59.00 31-Mar-13
SAIC United States 0.80 10.32 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

 

Royal Bank of Scotland

Royal Bank of Scotland currently has an estimated USD$ 5,635.70 million invested or available for the nuclear weapons producers identified in this report.

Loans

In October 2010, Alliant Techsystems secured a US$ 1,000 million five-year credit facility, comprising a US$ 600 million revolver and a US$ 400 million term loan. The proceeds were used for refinancing, to increase working capital and to finance capital expenditures and acquisitions. Royal Bank of Scotland was one of the five bookrunners in the syndicate of 20 banks and provided US$ 80 million.94

 

In March 2010, Babcock International secured a £ 400 million (US$ 601 million) bridge loan due October 2011. The company also entered into a £ 600 million (US$ 902 million) backstop facility which was comprised of a £ 305 million (US$ 459 million) revolver due June 2012 and a £ 295 million (US$ 443 million) term loan due March 2011. The proceeds of the facilities were used to back the company’s £ 1.3 billion (US$ 2.0 billion) bid for VT Group, a British defence and services company. The acquisition was completed in June 2010. Royal Bank of Scotland participated in the six bank syndicate, committing an estimated US$ 225 million.95

 

In June 2011, Babcock International secured a £ 500 million (US$ 810 million) five-year credit facility. The proceeds were used for refinancing and general corporate purposes. Royal Bank of Scotland was one of seven bookrunners in the syndicate of ten banks, providing an estimated US$ 81 million.96)

 

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Royal Bank of Scotland was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.97

 

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Royal Bank of Scotland was one of the four bookrunners in a syndicate of 24 banks, and committed an estimated amount of US$ 250 million.98

 

In July 2012, Bechtel signed a five-year revolving credit facility with a value of US$ 975 million. The proceeds would be used for general corporate purposes. Royal Bank of Scotland participated in the syndicate of six banks, and committed an estimated amount of US$ 146 million.99

 

In June 2013, Bechtel signed a five-year revolving credit facility with a value of US$ 3,000 million. The facility is an extension of the US$ 975 million revolving credit from July 2012 and is split in two tranches: a US$ 1,000 million revolver at a base rate of LIBOR+100.000bps, and a US$ 2,000 million revolver at a base rate of LIBOR+55.000bps. The proceeds would be used for refinancing and general corporate purposes. Royal Bank of Scotland was one of the four bookrunners in a syndicate of eight banks, and committed an estimated amount of US$ 300 million.100

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Royal Bank of Scotland was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.101

 

In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Royal Bank of Scotland participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.102

 

In April 2012, CH2M Hill signed a US$ 900 million revolving credit facility due April 2017 at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. RBS Citizens, a subsidiary of Royal Bank of Scotland, participated in the nine bank syndicate, committing an estimated amount of US$ 72 million.103

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Royal Bank of Scotland participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.104

 

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. Royal Bank of Scotland participated in the 21 bank syndicate, committing an estimated amount of US$ 80 million.105

 

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. Royal Bank of Scotland participated in the 22 bank syndicate, committing an estimated amount of US$ 160 million.106

 

In June 2013, General Dynamics entered into a US$ 1,000 million revolving credit facility due June 2018 at a base rate of LIBOR+87.500bps. The proceeds were used for refinancing. Royal Bank of Scotland participated in the seven bank syndicate, committing an estimated amount of US$ 142.9 million.107

 

In January 2010, Honeywell International secured a one-year revolving credit facility with a value of US$ 20 million at a base rate of LIBOR+90.000bps. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the three bank syndicate, committing an estimated amount of US$ 6 million.108

 

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the 29 bank syndicate, committing anamount of US$ 160 million.109

 

In April 2012, Honeywell International secured a US$ 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. Royal Bank of Scotland participated in the 16 bank syndicate, committing an estimated amount of US$ 182.1 million.110

 

In March 2011, Huntington Ingalls Industries entered into a US$ 1,225 million credit facility. The facility was split in two tranches: a US$ 650 million revolving credit facility due January 2016 at a base rate of LIBOR+300.000bps and a US$ 575 million term loan due January 2017 at a base rate of LIBOR+325.000bps. The proceeds were used for general corporate purposes. Royal Bank of Scotland participatedin the syndicate of 20 banks, providing an estimated amount of US$ 122.5 million.111

 

In March 2012, Jacobs Engineering entered into a US$ 1,160 million revolving credit facility due March 2017 at a base rate of LIBOR+87.500bps. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the eight bank syndicate, committing an estimated amount of US$ 139.2 million.112

 

In August 2011, Lockheed Martin secured a five-year revolving credit facility with a value of US$ 1,500 million at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the 21 bank syndicate, committing anamount of US$ 120 million.113

 

In September 2011, Northrop Grumman secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+75.000bps. The facility was divided in two tranches: a US$ 500 million tranche due September 2012 and a US$ 1,500 million tranche due September 2016. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the 11 bank syndicate, committing an estimated amount of US$ 200 million.114

 

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Royal Bank of Scotland participated in the 28 bank syndicate, committing an estimated amount of US$ 50 million.115

 

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.116

 

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Royal Bank of Scotland participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.117

 

In December 2010, Safran secured a five-year revolving credit facility with a value of € 1,600 million (US$ 2,122.3 million). The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the 12 bank syndicate, committing an estimated amount of US$ 254.7 million.118

 

In June 2011, Serco secured a credit facility with a total value of £ 300 million (US$ 485.8 million). The facility was divided in two tranches: a £ 225 million bridge loan due June 2012 and a £ 75 million term loan due June 2014. The proceeds were used for general corporate purposes and to acquire Intelenet, an Indian company which provides business process outsourcing services. Royal Bank of Scotland participated in the three bank syndicate, committing an estimated amount of US$ 161.9 million.119

 

In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. Royal Bank of Scotland was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.120

 

In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. Royal Bank of Scotland participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.121

 

In March 2012, URS entered into a US$ 500 million bridge Loan due March 2013 at a base rate of LIBOR+175.000bps. The proceeds will be used for future acquisitions. Royal Bank of Scotland was part of the syndicate of ten banks, participating with an estimated amount of US$ 42.9 million.122

Investment banking

In September 2010, Alliant Techsystems issued 6.875% ten-year bonds for US$ 350 million. The proceeds were used for general corporate purposes and to reduce indebtedness. Royal Bank of Scotland, one of the two bookrunners in the seven bank syndicate, underwrote US$ 74 million.123

 

In May 2012, BAE Systems issued £ 400 million (US$ 619 million) worth of 4.125% ten-year bonds. The proceeds were used for general corporate purposes. Royal Bank of Scotland was one of the four joint bookrunners, underwriting an estimated US$ 155 million.124

 

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Royal Bank of Scotland participatedin the syndicate of 31 banks, underwriting anamount of US$ 40.8 million.125

 

In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. Royal Bank of Scotland participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.126

 

In April 2013, EADS Finance, a subsidiary of EADS, issued bonds with a total value of US$ 1,000 million with an interest rate of2.700% due April 2023. The proceeds were used for general corporate purposes. Royal Bank of Scotland participatedin the syndicate of six banks, underwriting an estimated amount of US$ 166.7 million.127

 

In July 2011, General Dynamics issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million1.375% tranche due January 2015, a US$ 500 million2.250% tranche due July 2016 and a US$ 500 million3.875% tranche due July 2021. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the 21 bank syndicate,underwriting anamount of US$ 180 million.128

 

In November 2012, General Dynamics issued bonds with a total value of US$ 2,400 million. The issue was split in three tranches: a US$ 1,000 million2.250% tranche due November 2022, a US$ 900 million1.000% tranche due November 2017 and a US$ 500 million3.600% tranche due November 2042. The proceeds were used for reduce indebtedness and general corporate purposes. Royal Bank of Scotland participated in the 18 bank syndicate,underwriting anamount of US$ 336 million.129

 

In July 2011, Honeywell International issued bonds with a total value of US$ 1,400 million. The issue was split in two tranches: a US$ 800 million4.250% tranche due March 2021 and a US$ 600 million5.375% tranche due March 2041. The proceeds were used for reduce indebtedness and general corporate purposes. Royal Bank of Scotland participated in the 14 bank syndicate,underwriting anamount of US$ 88.2 million.130

 

In March 2011, Huntington Ingalls Industries issued bonds with a total value of US$ 1,200 million. The issue was split in two tranches: a US$ 600 million7.125% tranche due March 2021 and a US$ 600 million6.875% tranche due March 2016. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the 13 bank syndicate,underwriting an estimated amount of US$ 225 million.131

 

In November 2010, Northrop Grumman issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million 1.850% tranche due November 2015, a US$ 300 million 5.050%tranche due November 2040 and a US$ 700 million 3.500% tranche due March 2021. The proceeds were used for general corporate purposes, to reduce indebtedness and for working capital. Royal Bank of Scotland participated in the 12 bank syndicate,underwriting anamount of US$ 225 million.132

 

In May 2013, Northrop Grumman issued bonds with a total value of US$ 2,850 million. The issue was split in three tranches: a US$ 1,050 million3.250% tranche due August 2023, a US$ 950 million4.750% tranche due June 2043 and a US$ 850 million1.750% tranche due June 2018. The proceeds were used for reducing indebtedness, future acquisitions, working capital, stock repurchase and general corporate purposes. Royal Bank of Scotland participated in the 26 bank syndicate,underwriting an estimated amount of US$ 356.3 million.133

 

In December 2010, SAIC issued bonds with a total value of US$ 750 million. The issue was split in two tranches: a US$ 450 million4.450% tranche due December 2020 and a US$ 300 million5.950% tranche due December 2040. The proceeds were used for repurchasing additional shares of common stock and general corporate purposes. Royal Bank of Scotland participated in the ten bank syndicate,underwriting an estimated amount of US$ 26.8 million.134

 

In December 2011, Serco issued bonds with a total value of US$ 335 million. The issue was split in three tranches: a US$ 70 million3.780% tranche due December 2019, a US$ 125 million4.270% tranche due December 2023 and a US$ 140 million4.170% tranche due December 2021. The proceeds were used for general corporate purposes. Royal Bank of Scotland participated in the three bank syndicate,underwriting an estimated amount of US$ 111.7 million.135

 

In October 2010 Thales issued bonds with a value of € 600 million (US$ 835.2 million). The bonds have an interest rate of 2.750% and are due October 2016. The proceeds were used for general corporate purposes and for refinancing. Royal Bank of Scotland participated in the six bank syndicate,underwriting an estimated amount of US$ 139.2 million.136

 

In February 2012, ThyssenKrupp issued bonds with a total value of € 1,250 million (US$ 1654.3 million) with an interest rate of4.375% due February 2017. The proceeds were used for general corporate purposes. Royal Bank of Scotland participatedin the syndicate of four banks, underwriting an estimated amount of US$ 413.6 million.137

Asset management

Table 23 provides an overview of the nuclear weapon companies in which Royal Bank of Scotland owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

 

Table 1         Bondholdings of Royal Bank of Scotland

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
Alliant Techsystems United States 3.64 20.00 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

 

Schroders

Schroders currently has an estimated USD$ 761.32 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 24 provides an overview of the nuclear weapon companies in which Schroders owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

 

Table 24      Shareholdings of Schroders

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 0.72 135.11 6-Jun-2013
Northrop Grumman United States 0.59 97.17 31-Mar-2013
Rolls-Royce United Kingdom 1.49 478.93 01-Feb-2013 until 03-Jun-2013
SAIC United States 1.08 50.11 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Silchester International Investors

Silchester International Investors currently has an estimated USD$ 591.23 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 25 provides an overview of the nuclear weapon companies in which Silchester International Investors owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 25      Shareholdings of Silchester International Investors

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 3.34 591.23 31-Dec-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Standard Chartered

Standard Chartered currently has an estimated USD$ 327.40 million invested or available for the nuclear weapons producers identified in this report.

Loans

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Standard Chartered was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.138

 

In December 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Standard Chartered participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.139

 

In December 2010, Fluor entered into a US$ 2,000 million credit facility. The facility was split in two tranches: a US$ 800 million tranche due December 2013 at a base rate of LIBOR+100.000bps and a US$ 1,200 million tranche due December 2015 at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Standard Chartered participatedin the syndicate of ten banks, providing an estimated amount of US$ 150 million.140

 

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. Standard Chartered participated in the 29 bank syndicate, committing anamount of US$ 50 million.141

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Standard Chartered participatedin the syndicate of 31 banks, underwriting anamount of US$ 15 million.142

 

In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. Standard Chartered Capital Markets, a subsidiary of Standard Chartered, participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.143

 

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. Standard Chartered Capital Markets, a subsidiary of Standard Chartered, participatedin the syndicate of 17 banks, underwriting anamount of US$ 15 million.144

 

In December 2011, L&T Finance, a subsidiary of Larsen & Toubro, issued bonds with a total value of INR 1,500 million (US$ 29.4 million). The issue was split in five tranches: a INR 300 million(US$ 5.9 million) 10.250% tranche due November 2014, two INR 300 million(US$ 5.9 million) 10.150% tranches due June 2013 and two INR 300 million(US$ 5.9 million) 10.150% tranches due May 2013. The proceeds were used for general corporate purposes. Standard Chartered (India), a subsidiary of Standard Chartered, participated in the three bank syndicate,underwriting an estimated amount of US$ 9.8 million.145

Standard Life

Standard Life currently has an estimated USD$ 807.72 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 26 provides an overview of the nuclear weapon companies in which Standard Life owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 26      Shareholdings of Standard Life

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 4.95 316.08 13-May-2013
General Dynamics United States 0.54 138.50 31-Mar-2013 until 31-May-2013
Rolls-Royce United Kingdom 0.96 311.24 3-Jun-2013
Serco United States 0.90 41.90 11-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

The National Farmers Union Mutual Insurance Society

The National Farmers Union Mutual Insurance Society currently has an estimated USD$ 31.61 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 27 provides an overview of the nuclear weapon companies in which The National Farmers Union Mutual Insurance Society owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 27      Shareholdings of The National Farmers Union Mutual Insurance Society

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 0.54 31.61 27-Feb-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Veritas Asset Management

Veritas Asset Management currently has an estimated USD$ 454.61 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 28 provides an overview of the nuclear weapon companies in which Veritas Asset Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 28      Shareholdings of Veritas Asset Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Lockheed Martin United States 1.47 454.61 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.


References

 

 


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  70. Thomson ONE Banker, “Tearsheet 2326589095”, Thomson ONE Banker (www.thomsonone.com), 07 July 2011. 

  71. Thomson ONE Banker, “Tearsheet 2497132006”, Thomson ONE Banker (www.thomsonone.com), 18 February 2013. 

  72. Thomson ONE Banker, “Tearsheet 2572235115 and 2572235115”, Thomson ONE Banker (www.thomsonone.com), 29 March 2010; Bloomberg Database, “ Loan Finder”, Bloomberg Database, viewed July 2013; Espana, Z., “ Babcock Intl secures loan for agreed VT offer”, Website Reuters, 23 March 2010 (www.reuters.com/article/2010/03/23/us-babcock-intl-loan-idUSTRE62M3ZQ20100323); Babcock International, “Completion of Acquisition”, Babcock International, 8 July 2010 (www.babcock.co.uk/media/188630/completion_of_acquisition.pdf). 

  73. Thomson ONE Banker, ”Tearsheet 2754346115”, Thomson ONE Banker (www.thomsonone.com), 17 June 2011; Babcock International, “Annual Report 2013”, Babcock International, 5 June 2013; Babcock International, “Interim Management Statement”, Babcock International, 7 July 2011 (www.babcock.co.uk/media/53009/interim_management_statement_press_release.pdf). 

  74. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. 

  75. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011. 

  76. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  77. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 29 November 2011. 

  78. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  79. Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  80. Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker (www.thomsonone.com), 14 July 2011. 

  81. Lockheed Martin, “Form 8-K”, Lockheed Martin, 26 August 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=11&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheet 2767733115”, Thomson ONE Banker (www.thomsonone.com), 26 August 2011. 

  82. Thomson ONE Banker, “Tearsheet 2886058116”, Thomson ONE Banker (www.thomsonone.com), 04 September 2012. 

  83. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. 

  84. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  85. Thomson ONE Banker, “Tearsheet 2822928116”, Thomson ONE Banker (www.thomsonone.com), 28 March 2012. 

  86. Thomson ONE Banker, “Tearsheet 2420187006”, Thomson ONE Banker (www.thomsonone.com), 30 May 2012; Bloomberg Database, “ Corporates by ticker”, Bloomberg Database, viewed July 2013.  

  87. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  88. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. 

  89. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. 

  90. General Dynamics Corporation, “Prospectus supplement: $500,000,000 1.375% Notes due 2015, $500,000,000 2.250% Notes due 2016, $500,000,000 3.875% Notes due 2012”, General Dynamics Corporation, 5 July 2011; Thomson ONE Banker, “Tearsheet 2325952001”, Thomson ONE Banker (www.thomsonone.com), 5 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  91. Thomson ONE Banker, “Tearsheet 2464197001, 2464300001 and 2464301001”, Thomson ONE Banker (www.thomsonone.com), 01 November 2012. 

  92. Lockheed Martin, “Prospectus supplement: $500,000,000 2.125% Notes Due 2016, $900,000,000 3.350% Notes Due 2021, $600,000,000 4.850% Notes Due 2041”, Lockheed Martin, 6 September 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=1&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheets 2342467001, 2342508001 and 2342509001”, Thomson ONE Banker (www.thomsonone.com), 6 September 2011. 

  93. Thomson ONE Banker, “Tearsheet 2525118001, 2525403001 and 2525406001”, Thomson ONE Banker (www.thomsonone.com), 28 May 2013. 

  94. Thomson ONE Banker, “Tearsheet 2632374115”, Thomson ONE Banker (www.thomsonone.com), 7 October 2010; Alliant Techsystems, “United States Securities and Exchange Commission: Form 8-K”, Alliant Techsystems, 7 October 2010 (www.sec.gov/Archives/edgar/data/866121/000110465910052198/a10-19273_18k.htm). 

  95. Thomson ONE Banker, “Tearsheet 2572235115 and 2572235115”, Thomson ONE Banker (www.thomsonone.com), 29 March 2010; Bloomberg Database, “ Loan Finder”, Bloomberg Database, viewed July 2013; Espana, Z., “ Babcock Intl secures loan for agreed VT offer”, Website Reuters, 23 March 2010 (www.reuters.com/article/2010/03/23/us-babcock-intl-loan-idUSTRE62M3ZQ20100323); Babcock International, “Completion of Acquisition”, Babcock International, 8 July 2010 (www.babcock.co.uk/media/188630/completion_of_acquisition.pdf). 

  96. Thomson ONE Banker, ”Tearsheet 2754346115”, Thomson ONE Banker (www.thomsonone.com), 17 June 2011; Babcock International, “Annual Report 2013”, Babcock International, 5 June 2013; Babcock International, “Interim Management Statement”, Babcock International, 7 July 2011 (www.babcock.co.uk/media/53009/interim_management_statement_press_release.pdf 

  97. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. 

  98. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011.. 

  99. Thomson ONE Banker, ”Tearsheet 2876865115”, Thomson ONE Banker (www.thomsonone.com), 27 June 2012. 

  100. Thomson ONE Banker, “Tearsheet 2984455115”, Thomson ONE Banker (www.thomsonone.com), 14 June 2013; Bloomberg Database, “Loan Finder”, Bloomberg Database, viewed July 2013.. 

  101. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  102. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 13 November 2011. 

  103. Thomson ONE Banker, “Tearsheet 2848497116”, Thomson ONE Banker (www.thomsonone.com), 19 April 2012. 

  104. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  105. Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  106. Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker (www.thomsonone.com), 14 July 2011. 

  107. Thomson ONE Banker, “Tearsheet 2988333116”, Thomson ONE Banker (www.thomsonone.com), 21 June 2013. 

  108. Thomson ONE Banker, “Tearsheet 2547249115”, Thomson ONE Banker (www.thomsonone.com), 11 January 2010. 

  109. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  110. Thomson ONE Banker, “Tearsheet 2835497116”, Thomson ONE Banker (www.thomsonone.com), 02 April 2012. 

  111. Thomson ONE Banker, “Tearsheet 2710668116 and 2710669116”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011. 

  112. Thomson ONE Banker, “Tearsheet 2833952116”, Thomson ONE Banker (www.thomsonone.com), 23 March 2012. 

  113. Lockheed Martin, “Form 8-K”, Lockheed Martin, 26 August 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=11&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheet 2767733115”, Thomson ONE Banker (www.thomsonone.com), 26 August 2011. 

  114. Northrop Grumman, “Second Amended and Restated Credit Agreement dated as of September 8, 2011”, Northrop Grumman, 8 September 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheet 2770737115”, Thomson ONE Banker (www.thomsonone.com), 8 September 2011. 

  115. Thomson ONE Banker, “Tearsheet 2886058116”, Thomson ONE Banker (www.thomsonone.com), 04 September 2012. 

  116. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. 

  117. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  118. Thomson ONE Banker, “Tearsheet 2670327115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with 13 banks a Euro 1.6 billion credit facility with a 5-year maturity”, Safran, 9 December 2010, available at http://www.safran-group.com/site-safran-en/press-media/press-releases/2010-698/article/safran-signs-with-13 banks-a-euro-10785?10785 

  119. Thomson ONE Banker, “Tearsheet 2745524115”, Thomson ONE Banker (www.thomsonone.com), 17 June 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  120. Thomson ONE Banker, “Tearsheet 2822928116”, Thomson ONE Banker (www.thomsonone.com), 28 March 2012. 

  121. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  122. Thomson ONE Banker, “Tearsheet 2833580116”, Thomson ONE Banker (www.thomsonone.com), 02 March 2012. 

  123. Thomson ONE Banker, “Tearsheet 2218736001”, Thomson ONE Banker (www.thomsonone.com), 8 September 2010; Alliant Techsystems, “ATK announces closing of $350.0 million 6 7/8% senior subordinated notes offering”, Alliant Techsystems, 13 September 2010 (www.atk.com/news-releases/atk-announces-closing-of-350-0-million-6-78-senior-subordinated-notes-offering/). 

  124. Thomson ONE Banker, “Tearsheet 2420187006”, Thomson ONE Banker (www.thomsonone.com), 30 May 2012; Bloomberg Database, “ Corporates by ticker”, Bloomberg Database, viewed July 2013.  

  125. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  126. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. 

  127. Thomson ONE Banker, “Tearsheet 2511875006”, Thomson ONE Banker (www.thomsonone.com), 09 April 2013. 

  128. General Dynamics Corporation, “Prospectus supplement: $500,000,000 1.375% Notes due 2015, $500,000,000 2.250% Notes due 2016, $500,000,000 3.875% Notes due 2012”, General Dynamics Corporation, 5 July 2011; Thomson ONE Banker, “Tearsheet 2325952001”, Thomson ONE Banker (www.thomsonone.com), 5 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  129. Thomson ONE Banker, “Tearsheet 2464197001, 2464300001 and 2464301001”, Thomson ONE Banker (www.thomsonone.com), 01 November 2012. 

  130. Honeywell International, “Prospectus supplement: $800,000,000 4.250% Senior Notes Due 2021, $600,000,000 5.375% Senior Notes Due 2041”, Honeywell International, 14 February 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheets 2280086001 and 2280355001”, Thomson ONE Banker (www.thomsonone.com), 14 February 2011. 

  131. Thomson ONE Banker, “Tearsheet 2281859006 and 2286742006”, Thomson ONE Banker (www.thomsonone.com), 04 March 2011. 

  132. Thomson ONE Banker, “Tearsheet”, Thomson ONE Banker (www.thomsonone.com), 01 November 2010. 

  133. Thomson ONE Banker, “Tearsheet 2525118001, 2525403001 and 2525406001”, Thomson ONE Banker (www.thomsonone.com), 28 May 2013. 

  134. Thomson ONE Banker, “Tearsheet 2248683006 and 2248855006”, Thomson ONE Banker (www.thomsonone.com), 13 December 2010. 

  135. Thomson ONE Banker, “Tearsheet 2383053011, 2383055011 and 2383054011”, Thomson ONE Banker (www.thomsonone.com), 06 December 2011. 

  136. Thomson ONE Banker, “Tearsheet 2228987006”, Thomson ONE Banker (www.thomsonone.com), 12 October 2010; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  137. Thomson ONE Banker, “Tearsheet 2390122006”, Thomson ONE Banker (www.thomsonone.com), 21 February 2012. 

  138. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  139. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 08 December 2011. 

  140. Thomson ONE Banker, “Tearsheet 2677261116 and 2677260116”, Thomson ONE Banker (www.thomsonone.com), 14 December 2010. 

  141. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  142. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  143. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. 

  144. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. 

  145. Thomson ONE Banker, “Tearsheet 2368207101, 2368210101, 2368208101, 2368209101 and 2368211101”, Thomson ONE Banker (www.thomsonone.com), 02 December 2011. 

This page contains country specific information from the 2013 Don’t Bank on the Bomb report. It identifies which financial institutions have significant financing relationships with one or more of the 27 nuclear weapons producers.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers. They have provided various types of financial services to nuclear weapon companies. The most important are loans, investment banking and asset management.

All sources of financing provided since 1 January 2010 to the companies listed were analysed from annual reports, financial databases and other sources. The financial institutions which are most significantly involved in the financing of one or more nuclear weapon companies are shown here. See the full report for both a summary and full description of all financial institutions which are found to have the most significant financing relationships with one or more of the selected nuclear weapon companies, by means of participating in bank loans, by underwriting share or bond issues and/or by share- or bondholdings (above a threshold of 0.5% of all outstanding shares or bonds).