CACI International Inc (NYSE:CACI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
On December 28, 2018, CACI, Inc. – Federal, a wholly-owned subsidiary of CACI International Inc (the “Company”), and certain of its subsidiaries (the “Sellers”) entered into a Master Accounts Receivable Purchase Agreement (the “Purchase Agreement”), among the Sellers, the Company, MUFG Bank, Ltd., as administrative agent (the “Agent”), and certain purchasers party thereto.
The Purchase Agreement establishes a committed, one-year facility (the “Facility”) that provides for up to $200 million (the “Facility Limit”) in funding based on the availability of eligible receivables and the satisfaction of certain conditions. The Facility Limit may be reduced or increased from time to time to the terms of the Purchase Agreement. In connection with the Facility, the Company entered into a Performance Undertaking (the “Performance Undertaking”) in favor of the Agent that guarantees the obligations of the Sellers under the Purchase Agreement.
Under the Facility, the Sellers will sell certain designated eligible receivables, including both receivables that have already been billed under an invoice and also certain unbilled receivables arising from contracts where the Sellers have performed work under a “cost plus fixed fee,” “time and materials,” or “cost plus award or incentive fee” contract, although the Sellers will not be permitted to sell unbilled receivables related to any award or incentive fees under such contracts. The structured transaction results in the continuous non-recourse true sale of the purchased eligible receivables.
The Company expects to use the proceeds from receivables sales under the Facility for general corporate purposes.
The description of the Facility contained herein is qualified in its entirety by the terms of the Purchase Agreement and the Performance Undertaking, which are filed as Exhibit 10.1 and Exhibit 10.2 hereto, respectively, and incorporated herein by reference.
Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information included in Item 1.01 of this Current Report on Form 8-K is also incorporated by reference into this Item 2.03 of this Current Report on Form 8-K.
Item 9.01Financial Statement and Exhibits.
Master Accounts Receivable Purchase Agreement, dated December 28, 2018, among CACI, International Inc, CACI, Inc. – Federal, certain subsidiaries from time to time party thereto, MUFG Bank, Ltd., as Administrative Agent, and certain purchasers from time to time party thereto.
Performance Undertaking, dated December 28, 2018, made by CACI International Inc in favor of MUFG Bank, Ltd., as Administrative Agent, for the benefit of the purchasers.
CACI INTERNATIONAL INC /DE/ Exhibit
EX-10.1 2 caci-ex101_7.htm EX-10.1 caci-ex101_7.htm MASTER ACCOUNTS RECEIVABLE PURCHASE AGREEMENT among CACI INTERNATIONAL INC as Seller Representative and CACI,…
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About CACI International Inc (NYSE:CACI)
CACI International Inc is a simulation technology company. The Company provides information solutions and services. The Company operates through two segments: domestic operations and international operations. It serves clients in the United States federal government and commercial markets, primarily throughout North America and internationally on behalf of the United States customers, as well as in the United Kingdom and the Netherlands. The Company’s primary customers are agencies and departments of the United States government. The Company’s domestic operations segment provides information solutions and services to its domestic customers in market areas, which include business systems; command and control; communications; cyber security, and enterprise information technology. Its international operations are conducted through its subsidiaries in Europe, including CACI Limited and CACI BV. Its international operations segment provides IT services, and data and software products.