Science Applications sets price talk for $570 million term loan B

By Toni Weeks

San Luis Obispo, Calif., April 9 – Science Applications International Corp. set price talk on its $570 million senior secured term loan B due 2022 (Ba2/BB) at a bank meeting on Thursday, according to a market source.

The deal is talked at Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 99.5.

The facility features six-month soft call protection at 101 and 1% annual amortization.

Commitments are due on April 17, and the deal is expected to close on May 4.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc., U.S. Bank NA and Wells Fargo Securities LLC are the joint lead arrangers and joint bookrunners, with Citigroup as the left lead. Citibank, NA is the administrative agent.

Proceeds will be used to fund the acquisition of Scitor Holdings, Inc.

The McLean, Va.-based technology integrator provides full life-cycle services and solutions in the technical, engineering and enterprise information technology markets.

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