The debt offering by Northrop Grumman is a common financial activity that suggests the company is managing its capital structure. While it indicates a proactive approach to financial management, the impact on the stock price in the short term is likely to be neutral. Investors may view the use of proceeds positively if it leads to a reduction in higher-cost debt or supports shareholder returns through share repurchases. However, the increase in overall debt may be a concern for some investors, balancing out the potential positive effects.