SI Organization readies May 1 launch for $590 million credit facility

By Sara Rosenberg

New York, April 24 - The SI Organization Inc. set a bank meeting for 11 a.m. ET in New York on May 1 to launch its $590 million senior secured credit facility, according to a market source.

UBS Securities LLC and RBC Capital Markets are the bookrunners on the deal.

The facility consists of a $50 million five-year revolver, a $490 million six-year first-lien term loan and a $50 million six-year final maturity delayed-draw term loan.

The term loan has a 1% Libor floor and amortization of 1% per annum, the source said.

Proceeds will be used to help fund the purchase of QinetiQ North America Services and Solutions Group and refinance existing bank debt.

Closing is expected in the second quarter, subject to customary conditions, including the receipt of regulatory approvals.

SI is a Chantilly, Va.-based provider of analytical and technical information services for the U.S. government. QinetiQ is a Reston, Va.-based provider of technology and responsive services focusing on the U.S. government.

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