Kratos Defense gets $85 million credit facility

By Sara Rosenberg

New York, Jan. 7 - Kratos Defense & Security Solutions, Inc. closed on a new $85 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

KeyBank acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Dec. 31.

The facility consists of a $25 million four-year revolver, a $50 million five-year first-lien term loan and a $10 million 51/2-year second-lien term loan.

Pricing on the revolver can range from Libor plus 200 basis points to 325 bps, based on leverage, pricing on the first-lien term loan is Libor plus 750 bps and pricing on the second-lien term loan is Libor plus 800 bps.

Proceeds were used to fund the acquisition of Haverstick Consulting Inc. and for general corporate purposes.

Kratos is a San Diego-based provider of mission critical engineering, IT services and war fighter services for the U.S. federal government and for state and local agencies.

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