Science Applications International Corp (SAIC): debt financing — SAIC enters $510.25M new term loan B facility, refinances existing Tranche B loans

Science Applications International Corp

Sixth Amendment to credit agreement establishes Tranche B3 Loans of $510.25M, borrowed Feb 8, 2024.
Proceeds used to refinance all existing Tranche B and Tranche B2 loans in full.
New loans bear interest at Term SOFR plus 1.875% (or base rate plus 0.875%), maturing Feb 8, 2031.
Quarterly amortization at 0.25% of original amount beginning July 31, 2024; 1% prepayment penalty for repricing before Aug 8, 2024.
Loans secured by substantially all assets of SAIC and domestic subsidiaries; same covenants as existing credit agreement.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Science Applications International Corp incurred term loan of $510,250,000 with Citibank, N.A. at Term SOFR or a base rate, plus an applicable margin of 1.875% for Term SOFR loan maturing February 08, 2031.

Instrument: term loan
Principal: $510,250,000
Counterparty: Citibank, N.A.
Rate: Term SOFR or a base rate, plus an applicable margin of 1.875% for Term SOFR loan
Maturity: February 08, 2031
Event: incurrence

Exact text from the filing

The Amendment established a new senior secured term loan “B” credit facility commitment in the amount of $510,250,000 (the "Tranche B3 Loans").

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Source: SEC EDGAR

accession 0001571123-24-000022

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