---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-22-030952"
form_type: "8-K"
ticker: "DRS"
cik: "0001833756"
company_name: "Leonardo DRS, Inc."
filed_at: "2022-11-29T23:59:59+00:00"
generated_at: "2026-06-21T12:26:04.375553+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-22-030952
- form_type: 8-K
- ticker: DRS
- cik: 0001833756
- company_name: Leonardo DRS, Inc.
- filed_at: 2022-11-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1833756/000162828022030952/0001628280-22-030952-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1833756/000162828022030952/drs-20221129.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-22-030952
- JSON: https://secwatch.observer/filing/0001628280-22-030952.json
- Plain text: https://secwatch.observer/filing/0001628280-22-030952.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1833756/000162828022030952/0001628280-22-030952-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.