Leonardo DRS enters $500M revolving credit facility, replaces prior credit agreement

Leonardo DRS, Inc.

Five-year $500M senior unsecured revolving credit facility with JPMorgan; initial SOFR margin 1.250%.
Replaces Nov 2022 credit agreement; no borrowings outstanding at termination, no penalties incurred.
Proceeds may be used for working capital, general corporate purposes, and share repurchases.
Covenants: max total net leverage 3.75:1 (4.00:1 for material acquisitions) and min net interest coverage 3.00:1.
Certain U.S. subsidiaries guarantee the obligations.

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

Leonardo DRS, Inc. incurred revolving credit of $500 million with JPMorgan Chase Bank, N.A. at Term SOFR plus 1.250% to 1.625% maturing five years.

Instrument: revolving credit
Principal: $500 million
Counterparty: JPMorgan Chase Bank, N.A.
Rate: Term SOFR plus 1.250% to 1.625%
Maturity: five years
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a five-year senior unsecured $500 million revolving credit facility

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Leonardo DRS, Inc. terminated Old Credit Agreement with Bank of America, N.A., as administrative agent, Swing Line Lender and L/C Issuer, the Guarantors, and the other lenders party thereto (effective 2026-01-28).

Action: termination
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, Swing Line Lender and L/C Issuer, the Guarantors, and the other lenders party thereto
Effective: 2026-01-28

Exact text from the filing

the Company terminated its existing credit agreement, dated as of November 29, 2022, with Bank of America, N.A., as administrative agent, Swing Line Lender and L/C Issuer, the Guarantors, and the other lenders party thereto (the “Old Credit Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Leonardo DRS, Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and Swing Line Lender, and the other lenders party thereto valued at $500 million (effective 2026-01-28).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent and Swing Line Lender, and the other lenders party thereto
Value: $500 million
Effective: 2026-01-28

Exact text from the filing

On January 28, 2026, 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, JPMorgan Chase Bank, N.A. (“JPMorgan”), as Administrative Agent and Swing Line Lender, and the other lenders party thereto.

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Leonardo DRS, Inc. filing history →

Source: SEC EDGAR

accession 0001833756-26-000007

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