secwatch.observer — SEC 8-K summary
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Issuer:     Leonardo DRS, Inc. (DRS)
CIK:        0001833756
Form:       8-K
Filed at:   2022-11-29T23:59:59+00:00
Accession:  0001628280-22-030952
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1833756/000162828022030952/0001628280-22-030952-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1833756/000162828022030952/drs-20221129.htm
  HTML page:      https://secwatch.observer/filing/0001628280-22-030952

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