Science Applications International Corp. (SAIC) has announced its intention to commence an offering of $500.0 million aggregate principal amount of senior notes due 2033. The company plans to use the net proceeds from the offering to repay all indebtedness outstanding under its revolving credit facility and to pay estimated fees and expenses of the offering of the notes. Any remaining net proceeds will be used for general corporate purposes, including working capital to fund growth and potential strategic projects and transactions.
SAIC's robust portfolio of offerings across the defense, space, civilian, and intelligence markets includes secure high-end solutions in mission IT, enterprise IT, engineering services, and professional services. The company is approximately 24,000 strong and headquartered in Reston, Virginia.
It's worth noting that the notes and the related guarantees are being offered and sold to qualified institutional buyers in reliance on the exemption from registration set forth in rule 144a under the securities act, and to non-U.S. persons outside the United States in reliance on the exemption from registration set forth in regulation s under the securities act.
The specific changes in financial metrics or performance from the last period are not provided in the press release. Following these announcements, the company's shares moved 1.36%, and are now trading at a price of $103.87. For more information, read the company's full 8-K submission here.
