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 intends 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 is a premier Fortune 500 mission integrator focused on advancing the power of technology and innovation to serve and protect the world. The company'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.
As of the date of the press release, SAIC is approximately 24,000 strong and is headquartered in Reston, Virginia. The market has reacted to these announcements by moving the company's shares -2.07% to a price of $101.72. For more information, read the company's full 8-K submission here.
