CACI ups revolver to $1.1 billion, extends maturities, cuts pricing

By Sarah Lizee

Olympia, Wash., May 9 – CACI International Inc. entered into a ninth amendment on May 3 to its credit agreement dated Oct. 21, 2010, according to an 8-K filing with the Securities and Exchange Commission.

The maturity of the term loan and revolving facility was extended to June 30, 2023 from June 1, 2020 and the amortization schedule was reset.

The capacity of the revolver was increased to $1.1 billion from $850 million.

Additionally, the applicable rate was reduced by 25 basis points for each pricing tier under the credit agreement. Borrowings now bear interest at Libor plus 100 bps to 250 bps, and the commitment fee ranges from 15 bps to 35 bps, in each case based on the consolidated total leverage ratio.

Interest is currently Libor plus 150 bps and the commitment fee is 25 bps.

The amendment also removed the consolidated senior secured leverage ratio as a financial maintenance covenant and modified the calculation of the consolidated total leverage ratio to net up to $100 million of unrestricted cash and to set the level at 4.5 times, with an upward adjustment to 4.75 times for up to three fiscal quarters following a permitted acquisition exceeding $200 million.

Also, some covenants and other provisions were modified to provide the company with additional flexibility, the filing said.

Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer. Merrill Lynch, Pierce, Fenner & Smith Inc., JPMorgan Chase Bank, NA, PNC Capital Markets, LLC, Royal Bank of Canada, SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, MUFG Union Bank, NA, Fifth Third Bank and Capital One, NA are joint lead arrangers and bookrunners.

JPMorgan, PNC, Royal Bank of Canada, SunTrust Robinson Humphrey, Wells Fargo, MUFG, Fifth Third and Capital One are co-syndication agents. Regions Bank, Sumitomo Mitsui Banking Corp., New York, Goldman Sachs Bank USA, Branch Banking & Trust Co., TD Bank, NA, Citizens Bank of Pennsylvania and Mizuho Bank, Ltd. are co-documentation agents.

CACI is an Arlington, Va.-based provider of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers.

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