Leonardo DRS US$500m term loan A and revolving credit facility
Refinance existing debt, including related-party borrowings, after the RADA merger; working capital
Key terms
- Borrower or issuer
- Leonardo DRS
- Date
- 29 Nov 2022
- Type
- Bank facility
- Amount
- US$500m
- Pricing
- SOFR + 1.375% to 2.000% (leverage grid)
- Maturity
- 2027-11
Recorded terms
- Structure
- Five-year US$225m term loan A, fully drawn at closing, and five-year US$275m revolving credit facility
- Lenders and arrangers
- Bank of America, N.A., administrative agent
- Country
- United States
Parties
- Leonardo DRS borrower or issuer
- Agent: Bank of America
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 12 Oct 2022 | BWX Technologies US$1.0bn secured credit facility (2022) | Bank facility | US$1bn |
| 7 Sep 2022 | Booz Allen Hamilton US$2.65bn term loan A and revolver refinancing (2022) | Bank facility | US$2.65bn |
| 24 Aug 2022 | Lockheed Martin US$3.0bn revolving credit facility (2022) | Bank facility | US$3bn |
| 10 Mar 2023 | Leidos US$2.0bn unsecured term loan and revolver (2023) | Bank facility | US$2bn |
| 29 Jul 2022 | L3Harris US$2bn five-year revolving credit facility (2022) | Bank facility | US$2bn |
More from Leonardo DRS
| Date | Financing | Type | Amount |
|---|---|---|---|
| 28 Jan 2026 | Leonardo DRS US$500m senior unsecured revolving credit facility | Bank facility | US$500m |
M&A and investment involving Leonardo DRS
| Date | Deal | Type | Value |
|---|---|---|---|
| 28 Jul 2026 | Leonardo DRS acquisition of Raft | M&A Announced | US$450m |
| 28 Nov 2022 | Leonardo DRS and RADA merger | M&A | Not disclosed |
Sources
- Leonardo DRS Form 8-K: credit agreement sec.gov · 29 Nov 2022
About this record
Record DEF-2022-0012, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
