Cognizant Technology draws $1.74 billion on revolver to bolster cash

By Marisa Wong

Los Angeles, April 9 – Cognizant Technology Solutions Corp. said it has drawn down $1.74 billion on its revolving credit facility on March 23 as a proactive measure to strengthen its financial flexibility in response to the impact of Covid-19 on business operations.

The drawdown brings the company’s total cash and investment balance as of March 31 to roughly $4.7 billion, or net cash of $2.2 billion, according to a press release.

The company said it has no significant debt maturities until 2023.

Cognizant is a provider of information technology, consulting and business process outsourcing services based in Teaneck, N.J.

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