Latest news with #Eclipse
Yahoo
3 days ago
- Business
- Yahoo
Northrop Grumman Raises $1 Billion Via Debt
Northrop Grumman Corporation (NYSE:NOC), in an exchange filing, said that on May 29, it had issued $1 billion in new senior notes, split evenly between two tranches maturing in 2030 and 2035. The notes, carrying interest rates of 4.650% and 5.250% respectively, were issued on May 29 under an amended and restated indenture. The securities were sold through an underwriting agreement involving Mizuho Securities USA, Goldman Sachs & Co., and Morgan Stanley & Co. as lead company intends to use the net proceeds for various activities, including repayment of existing debt, share repurchases, and working capital. For debt repayment, the company release specifically mentioned the 7.875% and 7.750% senior notes due in 2026. This suggests a strategy to refinance higher-interest debt with the new, lower-interest notes, potentially reducing future interest expenses. As of March 31, 2025, the company held long-term debt (net of current portion) of $14.17 billion. In a separate announcement, the company revealed a $50 million equity investment in Firefly Aerospace, further solidifying its partnership to develop a next-generation medium-lift launch vehicle named Eclipse. This collaborative spacecraft blends the engineering strengths of Northrop Grumman's Antares and Firefly's Alpha rockets. The Eclipse system will offer the capacity to deliver approximately 16 metric tons to low Earth orbit and over three metric tons to geosynchronous transfer orbit. Its modular design integrates heritage components from the Antares line alongside enhanced avionics, a larger 5.4-meter fairing, and upgraded propulsion systems including Firefly's Miranda engines. To date, over 60 hot fire tests have been completed on the Miranda engines, with critical qualification hardware already in fabrication. The vehicle is slated for its first launch as early as 2026 from Wallops Island, Virginia. Executives from both firms praised the alliance. Jason Kim, CEO of Firefly Aerospace, called the partnership 'first-of-its-kind,' emphasizing its potential to transform the launch market. Wendy Williams, VP and GM of Northrop's launch systems unit, highlighted Eclipse's affordability and scalability for civil and security applications. Price Action: NOC shares are trading lower by 0.40% to $477.45 at last check Friday. Read Next:Photo via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? NORTHROP GRUMMAN (NOC): Free Stock Analysis Report This article Northrop Grumman Raises $1 Billion Via Debt originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Broadcast Pro
4 days ago
- Business
- Broadcast Pro
Northrop invests $50m in Firefly Aerospace to advance Eclipse launch vehicle
The vehicle is being built on a hybrid foundation that draws from Northrop Grummans Antares platform and Fireflys Alpha rocket technology. Northrop Grumman Corporation has invested $50m into Firefly Aerospace to further advance production of their co-developed medium launch vehicle, now known as Eclipse. The companies continue to make progress in the development of Eclipse flight hardware, with qualification testing underway and more than 60 Miranda engine hot fire tests performed to date. Jason Kim, CEO of Firefly Aerospace, said: 'Firefly is incredibly grateful for Northrop Grummans investment that further solidifies our first-of-its-kind partnership to build the first stage of Antares 330 and jointly develop Eclipse. Eclipse represents two powerful forces coming together to transform the launch market with decades of flight heritage, a rapid, iterative approach, and bold innovation. With a 16 metric ton to orbit capability, Eclipse is a sweet spot for programs like NSSL Lane 1 and a natural fit to launch proliferated constellations in LEO, MEO, GEO and TLI.' Built upon Northrop Grummans Antares and Fireflys Alpha rocket, Eclipse offers a significant leap in power, performance, production cadence and payload capacity. The launch vehicle retains the flight-proven avionics from the Antares programme with additional upgrades, including a larger 5.4 meter payload fairing. Eclipse also utilises the same first stage Firefly is developing for Antares 330 and retains scaled-up versions of Alphas propulsion systems and carbon composite structures, allowing the team to rapidly build and test Eclipse with significant production efficiencies and economies of scale. Firefly utilised the same patented tap-off cycle architecture from Alphas Reaver and Lightning engines for Eclipses Miranda and Vira engines, and completed mission duty cycle with a 206 second Miranda hot fire, matching the longest time the engine will burn during a flight. Following several development test campaigns, flight hardware has been manufactured for the common dome propellant tanks, engine bay and interstage. Wendy Williams, Vice President and General Manager, Launch and Missile Defense Systems, Northrop Grumman, added: 'Eclipse gives customers the right balance between payload capacity and affordability. Our partnership with Firefly builds on our capacity to provide crucial spaced-based communication, observation, and exploration for civil and national security customers.' Filling a void in an underserved market, Eclipse is equipped to deliver 16,300 kg of cargo to low Earth orbit or 3,200 kg of cargo to geosynchronous transfer orbit. Eclipse will first launch from Wallops Island, Virginia, as early as 2026 and is able to support space station resupply, commercial spacecraft, critical national security missions and scientific payloads for the domestic and international markets.
Time of India
4 days ago
- Business
- Time of India
Northrop Grumman invests $50 million in space startup Firefly Aerospace
U.S. defense contractor Northrop Grumman has invested $50 million into space startup Firefly Aerospace to aid the production of their jointly developed rocket, the companies said on Thursday. The medium launch vehicle, dubbed "Eclipse", is built upon Northrop Grumman's Antares and Firefly's Alpha rocket, and is set to first launch from Wallops Island, Virginia, as early as 2026. Eclipse is designed to support space station resupply, commercial spacecraft, critical national security missions and scientific payloads for domestic and international markets. Northrop's investment comes as interest in space startups heats up under U.S. President Donald Trump's efficiency drive, encouraging more joint projects between big defense contractors and smaller tech firms. Firefly gained prominence in the space race after becoming the second private firm to score a moon landing in a successful first attempt with its uncrewed Blue Ghost spacecraft earlier this year. The Texas-based company was valued at more than $2 billion in November, when it raised $175 million in a late-stage funding round. It makes small- and medium-lift launch vehicles for commercial launches to the earth's orbit.
Yahoo
4 days ago
- Business
- Yahoo
Northrop Grumman doubles down on new rocket investment with Firefly
Northrop Grumman and Firefly Aerospace have given a name to the future medium-lift rocket they plan to build: Eclipse. The two companies are already partnered to help shepherd a new version of Northrop Grumman's Antares rocket, which has not flown since 2023 when the company used the last of its supply of Russian-made engines for the rocket's first stage. A new version of the rocket called the Antares 330 will use seven of Texas-based Firefly's Miranda engines on a redesigned first-stage the company is also developing. Firefly's work on Antares 330 is flowing right into the design of the the larger Eclipse rocket. Northrop Grumman, which is headquartered in West Falls Church, Virginia but has facilities all over the nation including in Florida, announced it was investing a further $50 million into Firefly's development of Eclipse. The new rocket, which won't debut until at least 2026, aims to support space station resupply missions, commercial spacecraft, national security missions and scientific payloads for domestic and international markets, according to a joint press release from the two companies. Eclipse will also be bigger than Antares 330, which could only fly about 17,500 pounds of payload to low-Earth orbit. Eclipse, though, aims to increase capacity to about 36,000 pounds to low-Earth orbit, which is still smaller than the roughly 50,000-pound capacity of SpaceX's Falcon 9 and ULA's new Vulcan, which can fly up to 60,000 pounds. Firefly CEO Jason Kim said Eclipse is in a 'sweet spot' for programs like the National Security Space Launch contracts designed for higher-risk newcomers. It will also be perfect to support commercial satellite constellations, he said. Firefly has its own small-capacity rocket, Alpha, but it has seen limited success on launch. But its other space-based programs have been very accomplished so far, including the first commercial lunar landing to not tip over when its Blue Ghost competed a mission under NASA's Commercial Lunar Payload Services contract. Eclipse's design is based on a combination of Antares and Alpha, and will have an 18-foot-diameter fairing similar to Falcon 9 and Vulcan. Northrop Grumman continues to fly its Cygnus resupply spacecraft to the International Space Station, but has had to hand off launch services to SpaceX until its new Antares is ready. 'Eclipse gives customers the right balance of payload capacity and affordability,' said Wendy Williams, Northrop Grumman's vice president and general manager for its launch and missile defense systems. 'Our partnership with Firefly builds on our capacity to provide crucial spaced-based communication, observation and exploration for civil and national security customers.' Both the Antares 330 and the new Eclipse rocket will launch from Virginia's Eastern Shore from NASA's Wallops Flight Facility, although Firefly also has a launch lease at Cape Canaveral Space Force Station. Eclipse will be built in Briggs, Texas and Chandler, Arizona with qualification testing already underway. The debut of the new Antares rocket could still be this year, possibly for the next Cygnus resupply mission, NG-23, that wouldn't fly until this fall.
Yahoo
4 days ago
- Business
- Yahoo
Northrop Grumman invests $50 million in space startup Firefly Aerospace
(Reuters) -U.S. defense contractor Northrop Grumman has invested $50 million into space startup Firefly Aerospace to aid the production of their jointly developed rocket, the companies said on Thursday. The medium launch vehicle, dubbed "Eclipse", is built upon Northrop Grumman's Antares and Firefly's Alpha rocket, and is set to first launch from Wallops Island, Virginia, as early as 2026. Eclipse is designed to support space station resupply, commercial spacecraft, critical national security missions and scientific payloads for domestic and international markets. Northrop's investment comes as interest in space startups heats up under U.S. President Donald Trump's efficiency drive, encouraging more joint projects between big defense contractors and smaller tech firms. Firefly gained prominence in the space race after becoming the second private firm to score a moon landing in a successful first attempt with its uncrewed Blue Ghost spacecraft earlier this year. The Texas-based company was valued at more than $2 billion in November, when it raised $175 million in a late-stage funding round. It makes small- and medium-lift launch vehicles for commercial launches to the earth's orbit.
