Computer Sciences expands revolver, units get A$105 million financing

By Wendy Van Sickle

Columbus, Ohio, July 28 – Computer Sciences Corp. added $100 million of incremental commitments under its existing revolving credit agreement on Monday, and its subsidiaries CSC Australia Pty. Ltd. and UXC Ltd. entered into an agreement for a A$100 million delayed-draw unsecured term loan and a A$5 million line of credit, according to an 8-K filing with the Securities and Exchange Commission.

The incremental increase raised the total revolver commitments to $2.98 billion.

Additionally, one of the lenders under the revolver extended the maturity of its commitment to Jan. 15, 2021. As a result, $2.83 billion of commitments matures on Jan. 15, 2021 and $150 million matures on Jan. 15. 2020.

Citibank, NA is the administrative agent.

The new Australian dollar facility permits the borrowers to increase the term loans up to a total of A$275 million.

Commonwealth Bank of Australia arranged the loan and is the administrative agent.

Proceeds from the term facilities are to partially repay amounts drawn under Computer Science’s existing revolving credit facility and for working capital and other general corporate purposes. The line of credit is to be used for working capital and other general corporate purposes.

The term facility may be drawn on for up to three months.

The term facility is scheduled to mature on July 25, 2021. The line of credit is scheduled to mature on July 25, 2017.

Amortization of the initial term facility is to be paid annually at the rate of 5% of original principal amount.

Borrowings bear interest at BBSY Bid plus a margin ranging from 95 basis points to 145 bps.

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

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