Leidos Inc.’s $2.68 Billion Credit Facilities and $1.25 Billion Bridge Facility

Cravath represented Citibank, N.A., as administrative agent, joint lead arranger and joint bookrunner, in connection with the arrangement of $2.68 billion of credit facilities and a $1.25 billion bridge facility made available to Leidos Inc. (“Leidos”), a leading provider of services and solutions in the defense, intelligence, civil and health markets in the United States and internationally. The facilities consisted of a $1.93 billion term loan facility, a $750 million revolving credit facility and a $1.25 billion bridge facility. The bridge facility was used to fund Leidos’s acquisition of Dynetics, Inc. The credit facilities transaction closed on January 17, 2020 and the bridge facility transaction closed on January 31, 2020.

The Cravath team included partners Stephen M. Kessing and Joseph D. Zavaglia, associates Adam G. DiSimine and Douglas C. Dolan and foreign associate attorney Vanessa Isler on banking matters, associates Rebecca L. Fine and Kyle R. Jorstad on tax matters, associate Anna Mikaelyan on executive compensation and benefits matters and practice area attorney Brian O. Larkin on real estate matters.