Leidos $2 billion credit agreement refinancing
We advised the borrower on the financing
Davis Polk advised Leidos, Inc. in connection with a $2 billion five-year senior unsecured credit agreement, comprised of (i) a term loan facility in an aggregate principal amount of $1 billion and (ii) a revolving credit facility in an aggregate committed amount of $1 billion. The proceeds of the term loan facility were used to refinance existing indebtedness and the proceeds for the revolving credit facility may be used for working capital and general corporate purposes.
Leidos is a Fortune 500 technology, engineering, and science solutions and services leader working to solve the world’s toughest challenges in the defense, intelligence, civil and health markets.
The Davis Polk finance team included partner Scott M. Herrig and associate Amna Ilyas. The capital markets team included partner Shane Tintle, counsel Chris Van Buren and associate Jonathan I. Stempel. The corporate team included partner Emily Roberts and associate Charlie Lian. Partner Patrick E. Sigmon and associate Eitan Ulmer provided tax advice. Counsel Charles Shi provided executive compensation advice. Members of the Davis Polk team are based in the New York and Northern California offices.