Leidos US$3.28bn secured credit facilities for the Lockheed Martin IS&GS combination
Fund the US$1.8bn cash payment to Lockheed Martin in the Reverse Morris Trust combination and Leidos's US$1.03bn special dividend, and refinance Leidos's prior credit agreement
Key terms
- Borrower or issuer
- Leidos
- Date
- 16 Aug 2016
- Type
- Bank facility
- Amount
- US$3.28bn
- Pricing
- Eurocurrency + 1.75% to 2.25% (pro rata facilities, by senior secured leverage)
- Maturity
- 2019 to 2023
Recorded terms
- Structure
- Splitco credit agreement: US$400m three-year term loan A, US$310m five-year term loan A and US$1.131bn seven-year term loan B; Leidos credit agreement: US$690m term loan A and US$750m revolver
- Lenders and arrangers
- Citibank, N.A., administrative agent and collateral agent
- Country
- United States
Parties
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 30 Sep 2016 | Textron US$1.0bn revolving credit facility (2016) | Bank facility | US$1bn |
| 24 May 2018 | BWX Technologies US$800m secured credit facility (2018) | Bank facility | US$800m |
| 23 Jul 2018 | Booz Allen Hamilton US$1.98bn term loan A and revolver refinancing (2018) | Bank facility | US$1.98bn |
| 17 Aug 2018 | Northrop Grumman US$2bn revolving credit facility (2018) | Bank facility | US$2bn |
| 24 Aug 2018 | Lockheed Martin US$2.5bn revolving credit facility (2018) | Bank facility | US$2.5bn |
More from Leidos
| Date | Financing | Type | Amount |
|---|---|---|---|
| 20 Feb 2026 | Leidos US$1,400m senior notes (2 tranches) | Bond | US$1.4bn |
| 18 Feb 2025 | Leidos US$1,000m senior notes (2 tranches) | Bond | US$1bn |
| 10 Mar 2023 | Leidos US$2.0bn unsecured term loan and revolver (2023) | Bank facility | US$2bn |
| 17 Feb 2023 | Leidos US$750m 5.750% notes due 2033 | Bond | US$750m |
| 9 Oct 2020 | Leidos US$1,000m 2.300% notes due 2031 | Bond | US$1bn |
| 12 May 2020 | Leidos US$1,750m senior notes (3 tranches) | Bond | US$1.75bn |
M&A and investment involving Leidos
| Date | Deal | Type | Value |
|---|---|---|---|
| 4 May 2020 | Leidos acquisition of L3Harris security detection businesses | M&A | US$1bn |
| 31 Jan 2020 | Leidos acquisition of Dynetics | M&A | US$1.65bn |
| 16 Aug 2016 | Leidos combination with Lockheed Martin IS&GS | M&A | US$4.6bn |
Sources
- Leidos Form 8-K: completion of the IS&GS combination and credit agreements sec.gov · 19 Aug 2016
About this record
Record DEF-2016-0010, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
