DXC Technology borrows $1.5 billion under its credit agreement

By Rebecca Melvin

New York, March 24 – DXC Technology Co. provided notice to the administrative agent under its credit agreement to borrow $1.5 billion of the available $4 billion under the facility, according to an 8-K filing with the Securities and Exchange Commission on Tuesday.

The company may repay amounts borrowed any time without penalty and decided to take the action on March 24 to reduce its reliance on short-term funding sources, including its €1 billion commercial paper program, in light of the recent volatility in those markets which has created an uncertain funding environment.

The company expects to use the proceeds from the borrowing for working capital, general corporate purposes or other purposes permitted under the agreement.

The Tysons, Va.-based company provides digital information technology services and solutions.

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