Perspecta US$3.1bn senior secured credit facilities at spin-off
Funded the DXC US public sector spin-off and the merger with Vencore and KeyPoint
Key terms
- Borrower or issuer
- Perspecta
- Date
- 31 May 2018
- Type
- Bank facility
- Amount
- US$3.1bn
- Pricing
- Revolver and tranche A2: LIBOR + 1.25% to 2.25%; tranche A1: LIBOR + 1.125% to 2.125%
- Maturity
- 2021 / 2023 / 2025
Recorded terms
- Structure
- US$600m five-year revolver, US$350m three-year tranche A1 and US$1.65bn five-year tranche A2 term loans, and a US$500m seven-year term loan B
- Lenders and arrangers
- MUFG Bank, Ltd. (administrative agent); arranged by MUFG, Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and RBC Capital Markets
- Country
- United States
Parties
- Perspecta borrower or issuer
- Lenders: BofA Securities, J.P. Morgan, Mizuho, MUFG, RBC Capital Markets
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 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 |
| 3 Apr 2018 | Oshkosh US$1.175bn second amended and restated credit agreement | Bank facility | US$1.18bn |
| 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 |
M&A and investment involving Perspecta
| Date | Deal | Type | Value |
|---|---|---|---|
| 6 May 2021 | Veritas Capital (Peraton) acquisition of Perspecta | M&A | US$7.1bn |
Sources
- Perspecta Form 8-K (spin-off agreements and credit agreement) sec.gov · 6 Jun 2018
About this record
Record DEF-2018-0030, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
