We advised Leidos on the offering

Davis Polk advised Leidos Holdings, Inc. in connection with an SEC-registered offering of $600 million aggregate principal amount of 4.100% senior notes due 2029 and $800 million aggregate principal amount of 5.000% senior notes due 2036. The notes were issued by Leidos, Inc., Leidos Holdings, Inc.’s wholly owned subsidiary, and are guaranteed by Leidos Holdings, Inc.

Leidos intends to use the net proceeds for this offering to fund a portion of the consideration payable in connection with the proposed acquisition of ENTRUST Solutions Group from Kohlberg. Pending application of the proceeds for the ENTRUST acquisition, Leidos may temporarily use the funds for general corporate purposes or may invest the funds in short-term, liquid investments.

Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $17.7 billion for the fiscal year which ended on January 2, 2026.

The Davis Polk capital markets team included partner Shane Tintle, counsel Steven Glendon and associate Monica Rodriguez. Partner Patrick E. Sigmon and associate Zoey Chau provided tax advice. Partner Matthew J. Bacal and associates Shreya R. Kundur and Nazli Ungan provided intellectual property and data privacy advice. Counsel Loyti Cheng and associate David Sacasa-Ospina provided environmental advice. All members of the Davis Polk team are based in the New York office.

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