Science Applications International (NYSE:SAIC) Announces Seventh Amendment to Credit Agreement

Science Applications International Corporation (SAIC) has recently revealed a significant development in its financial agreements. On October 18, 2024, the company signed the Seventh Amendment to its Third Amended and Restated Credit Agreement, originally dated back to October 31, 2018. This latest update marks another step in the evolution of the company’s financial arrangements.

The amendment, which involves a series of modifications and adjustments, is intended to refine the terms and conditions of the existing credit agreement. Among the key changes highlighted in the Seventh Amendment are the reduction of the Applicable Margin for Tranche B3 Loans and modifications to certain provisions within the agreement.

Key financial institutions, including Citibank, N.A., PNC Capital Markets LLC, BOFA Securities, Inc., and others, have been involved in the process as joint lead arrangers and bookrunners. Fifth Third Bank, National Association, has been designated as the senior managing agent in this agreement.

Noteworthy in this amendment is the participation of lenders in the process. Existing Tranche B3 Lenders had the option to become Continuing Tranche B3 Lenders by agreeing to the terms before the specified deadline. Those who did not opt in will be subject to mandatory assignment provisions outlined in the agreement.

In terms of conditions for the effectiveness of the agreement, several requirements have been listed, including the receipt of duly executed counterparts from the involved parties, certification of corporate documents, payment of fees, and the fulfillment of representations and warranties. These conditions collectively contribute to the formalization of the Seventh Amendment.

Furthermore, the Borrower has reaffirmed its commitment to the terms of the amended credit agreement, emphasizing the legal validity and binding nature of the updated obligations. The company has also confirmed that no default or event of default has occurred or is expected due to the transactions specified in the Seventh Amendment.

As Science Applications International Corporation moves forward with this Seventh Amendment to its credit agreement, the company continues to demonstrate its proactive approach in managing its financial obligations and arrangements. This amendment signifies a strategic step in aligning the credit terms with the company’s current financial position and objectives, ultimately contributing to the stability and growth of the organization.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Science Applications International’s 8K filing here.

About Science Applications International

Science Applications International Corporation provides technical, engineering, and enterprise information technology (IT) services primarily in the United States. The company's offerings include IT modernization; digital engineering; artificial intelligence; Weapon systems support design, build, modify, integrate, and sustain weapon systems; and end-to-end services, such as design, development, integration, deployment, management and operations, sustainment, and security of its customers' IT infrastructure, as well as training and simulation and ground vehicles support which integrates, modify, upgrades, and sustains ground vehicles for nation's armed forces.