Huntington Ingalls enters into $1.25 billion revolving credit facility

By Tali Rackner

Minneapolis, Nov. 27 – Huntington Ingalls Industries, Inc. entered into a $1.25 billion restated revolving credit facility on Nov. 22 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The five-year revolver includes a $500 million sublimit for letters of credit.

Interest is equal to Libor plus 112.5 basis points to 150 bps, depending on the company’s credit ratings.

The commitment ranges from 20 bps to 30 bps, also based on ratings.

At closing, the company used cash on hand to repay all amounts outstanding under the prior credit agreement, which was terminated.

JPMorgan Chase Bank, NA, Bank of America Merrill Lynch, Mizuho Bank, Ltd., Bank of Nova Scotia, MUFG, U.S. Bank NA and Wells Fargo Securities, LLC acted as lead arrangers and joint bookrunners on the deal, with Bank of America, NA, Mizuho Bank, Ltd., Scotiabank, MUFG, U.S. Bank, Wells Fargo, TD Bank, NA, Capital One, NA, PNC Bank, NA and Branch Banking and Trust Co. as syndication agents.

Based in Newport News, Va., Huntington Ingalls Industries designs, builds and manages the life-cycle of nuclear and conventionally powered ships for the U.S. Navy and the U.S. Coast Guard.

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