SAIC closes $500M offering of 5.875% senior notes due 2033; proceeds to repay revolver

Science Applications International Corp

• $500M aggregate principal of 5.875% Senior Notes due 2033 issued; net proceeds ~$493M.
• Proceeds used to repay outstanding revolver balance, then general corporate purposes.
• Make-whole redemption callable at par plus accrued interest until Nov 1, 2028; thereafter at stated redemption prices.
• Up to 40% of notes can be redeemed with equity offering proceeds at 105.875% until Nov 1, 2028.
• Notes are senior unsecured, fully guaranteed by domestic subsidiaries that back credit facilities.