US aerospace and defence engineering firm Exelis has agreed a five-year senior unsecured revolving credit facility of up to US$500m.
The is facility is being provided by a group of banks led by JP Morgan, Citigroup, Barclays Bank and Bank of…
US aerospace and defence engineering firm Exelis has agreed a five-year senior unsecured revolving credit facility of up to US$500m.
The is facility is being provided by a group of banks led by JP Morgan, Citigroup, Barclays Bank and Bank of Tokyo-Mitsubishi UFJ, the financing’s joint lead arrangers and bookrunners. Mizuho Bank, SunTrust Bank, U.S. Bank National Association and Wells Fargo complete the banking syndicate.
Under the terms of the revolver, Exelis can increase the size of the facility by a further US$200m as well as extend the maturity for additional one year periods.
The debt also includes a revolving competitive bid option that allows the company to conduct auctions among the participating banks for borrowings as well as a US$100m letter of credit commitment.
Proceeds are to be used for working capital and other general corporate purposes.