Leidos amends four-year credit terms, cuts commitments to $500 million

By Susanna Moon

Chicago, Oct. 20 – Leidos Holdings, Inc. amended its four-year credit agreement last Friday, cutting lender commitments to $500 million from $750 million, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, NA is the administrative agent.

Interest on the loans is now Libor plus 90 basis points to 170 bps based on the company’s credit ratings. The fee ranges from 10 bps to 30 bps.

The amendment modifies the fee structure to provide for additional pricing level tiers, changes the ratio of consolidated funded debt to EBITDA that the company is required to maintain and provides certain representations and covenants for compliance with anti-corruption laws.

At closing, no borrowings were outstanding under the agreement.

Leidos is a science and technology solutions company based in Reston, Va.

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