Cognizant signs $2.4B credit facilities: $550M term loan, $1.85B revolver, replacing existing loans

COGNIZANT TECHNOLOGY SOLUTIONS CORP

New unsecured facilities total $2.4B ($550M term loan, $1.85B revolver), mature Oct 3, 2031; proceeds repaid and terminated Cognizant's prior credit facilities on the Oct 5, 2026 closing date.
Borrower also drew ~$1.0B under the revolver on the closing date; revolver supports general corporate purposes and can be borrowed, repaid and reborrowed until maturity.
Initial pricing: Term Benchmark/RFR loans +0.875%, ABR loans +0%; margins set by a grid tied to Cognizant's index debt ratings or leverage ratio.
Term loan has no scheduled payments in the first year, then quarterly installments of $6.875M with the balance due at maturity; accordion allows up to $1.2B of additional commitments.
Financial covenant caps leverage at 3.50:1.00, step-up to 4.00:1.00 for up to four quarters after a material acquisition; JPMorgan Chase Bank, N.A. is administrative agent.

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