Leidos Holdings enters new $2.0B credit facility on March 10, 2023, refinances existing debt

Leidos Holdings, Inc.

New $1.0B term loan and $1.0B revolving credit facility, both maturing five years from March 10, 2023.
Proceeds used to repay all indebtedness under prior credit agreement dated January 17, 2020.
Interest rates: Term SOFR + margin based on credit rating; currently 1.250% for SOFR loans, commitment fee 0.125%.
Financial covenants: max adjusted total debt/EBITDA of 3.75:1 (increased to 4.50:1 after material acquisition), min EBITDA/interest 3.50:1.
No borrowings under revolving facility at closing; $2.0B total capacity.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Leidos Holdings, Inc. entered into Credit Agreement with Citibank, N.A., as administrative agent valued at $1,000,000,000 (effective 2023-03-10).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent
Value: $1,000,000,000
Effective: 2023-03-10

Exact text from the filing

The Credit Agreement provides for (i) a senior unsecured term loan facility in an aggregate principal amount of $1,000,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Leidos Holdings, Inc. terminated Terminated Credit Agreement with Citibank, N.A., as administrative agent (effective 2023-03-10).

Action: termination
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent
Effective: 2023-03-10

Exact text from the filing

On the Closing Date, the Borrower repaid in full all indebtedness, and terminated all commitments, under, and discharged and released all guarantees in connection with the Terminated Credit Agreement.

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Leidos Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-069649

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