Leonardo DRS’s $320 Million Secondary Offering

November 16, 2023

Cleary Gottlieb is representing the underwriters in the $320 million secondary public offering of common stock of Leonardo DRS Inc. (DRS).

The selling stockholder, Leonardo US Holding LLC, a subsidiary of Leonardo – Società per azioni, is offering 18 million shares of DRS common stock at a price to public of $17.75 per share. The selling stockholder has also granted the underwriters an option to purchase up to an additional 2.7 million shares of common stock. All of the shares are being offered by the selling stockholder, and DRS will not receive any proceeds from the offering.

The offering priced on November 16, 2023, and is expected to close on November 21, 2023, subject to customary closing conditions.

Morgan Stanley, BofA Securities, and J.P. Morgan are acting as joint bookrunning managers for the offering. Baird, Goldman Sachs & Co. LLC, and Truist are acting as joint bookrunners for the offering. CJS Securities is acting as co-manager for the offering.

DRS is a provider of advanced defense technology to U.S. national security customers and allies around the world. DRS specializes in the design, development, and manufacture of advanced sensing, network computing, and force protection, as well as electric power and propulsion.

For more information, please see the press release here.