Science Applications launches term loan B-2 at Libor plus 187.5 bps

By Sara Rosenberg

New York, Feb. 18 – Science Applications International Corp. launched on its call on Thursday a $272 million senior secured covenant-lite term loan B-2 due March 13, 2027 that is talked at Libor plus 187.5 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan is getting 101 soft call protection for six months, the source said.

Expected term loan ratings are Ba1/BB+.

Citigroup Global Markets Inc. is the lead arranger and the administrative agent on the deal.

Proceeds will be used to reprice an existing term loan B-2 down from Libor plus 225 bps with a 0% Libor floor.

Existing lender consents are due at 5 p.m. ET on Monday and new lender commitments are due at noon ET on Tuesday, the source added.

Science Applications is a Reston, Va.-based technology integrator.

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