Computer Sciences gets $2.5 billion multicurrency revolver due 2019

By Angela McDaniels

Tacoma, Wash., Oct. 17 - Computer Sciences Corp. entered into a credit agreement on Oct. 11 that provides for a $2.5 billion revolving credit facility due Jan. 15, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is Libor plus 68 basis points to 130 bps.

The revolver includes a $2 billion tranche A sublimit for borrowings in U.S. dollars, euros and pounds sterling and a $500 million tranche B sublimit for borrowings in U.S. dollars, euros, pounds sterling, Japanese yen, Australian dollars and Singapore dollars.

The revolver has a $500 million accordion feature.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Ltd. and J.P. Morgan Securities LLC are the arrangers.

Citibank, NA is the administrative agent. Citicorp International Ltd. is the tranche B subagent, and Citibank International plc, London Branch is the swingline subagent.

Bank of America, NA, Bank of Tokyo-Mitsubishi and JPMorgan are the syndication agents. Barclays Bank plc, Royal Bank of Canada, Sumitomo Mitsui Banking Corp., Bank of Nova Scotia, Royal Bank of Scotland plc and Wells Fargo Bank, NA are the documentation agents.

The credit agreement contains provisions for adding domestic and foreign subsidiaries as additional borrowers and the creation of additional multicurrency or local-currency tranches.

The credit agreement replaces the company's March 18, 2011 credit agreement.

Computer Sciences is a Falls Church, Va.-based provider of information technology and professional services.

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