Leonardo DRS enters $500M credit facility: $225M term loan + $275M revolver

Leonardo DRS, Inc.

Five-year Credit Agreement with Bank of America provides $225M Term A Loan and $275M Revolving Credit Facility.
Proceeds from Term A Loan used to refinance existing debt including related-party borrowings from Leonardo US Holding.
Initial interest rate margin for SOFR loans set at 1.500%; unused revolver fee initially 0.225%.
Financial covenants: maximum total net leverage ratio of 3.75x, minimum interest coverage ratio of 3.00x.
Company terminated and fully repaid all outstanding intercompany loan obligations with Leonardo US Holding, LLC.

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

Leonardo DRS, Inc. entered into Credit Agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the other lenders party thereto valued at $225 million term loan A facility and $275 million revolving credit facility (effective 2022-11-29).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the other lenders party thereto
Value: $225 million term loan A facility and $275 million revolving credit facility
Effective: 2022-11-29

Exact text from the filing

On November 29, 2022, Leonardo DRS, Inc. a Delaware corporation ("the Company ") and certain direct and indirect U.S. subsidiaries of the Company (the " Guarantors ") entered into a credit agreement (the " Credit Agreement ") by and among the Company, as borrower, the Guarantors, Bank of America, N.A. (" Bank of America "), as Administrative Agent, Swing Line Lender and L/C Issuer, and the other lenders party thereto.

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Source: SEC EDGAR

accession 0001628280-22-030952

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