TASC sets Friday bank meeting for $690 million credit facility

By Sara Rosenberg

New York, Nov. 17 - TASC Inc. has scheduled a bank meeting for Friday morning in New York to launch its proposed $690 million senior secured credit facility, according to a market source.

It was previously known that the launch would happen late this week, but a firm date had not been established until now.

Barclays Capital, Deutsche Bank Securities and RBC Capital Markets are the lead banks on the deal, with Barclays the left lead. In addition, CPPIB Credit Investments Inc. has provided commitments towards the facility as an investor.

The facility consists of a $100 million revolver, a $200 million term loan A and a $390 million term loan B, the source said.

The facility will include a Libor floor.

Proceeds will be used, along with around $300 million of senior subordinated notes, to help fund the purchase of the company by an investor group led by General Atlantic LLC and Kohlberg Kravis Roberts & Co. from Northrop Grumman Corp. in a transaction valued at $1.65 billion.

Closing on the transaction is expected to take place in the fourth quarter, subject to customary approvals.

TASC is a Chantilly, Va.-based provider of advanced systems engineering and technical assistance to the defense, intelligence, federal, state and local markets.

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