ManTech International Corporation (NASDAQ:MANT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
ManTech International Corporation (the “Company”) is party to that certain Amended and Restated Credit Agreement dated as of June 13, 2014 (as amended, restated, extended, supplemented or otherwise modified prior to the date hereof) among the Borrower, Bank of America, as agent, and a syndicate of lenders (the “Existing Credit Agreement”).On August 17, 2017, the Company amended and restated the Existing Credit Agreement and entered into an agreement by and among the Company, Bank of America, N.A. (as Administrative Agent and L/C Issuer), PNC Bank, National Association (as Swing Line Lender and Co-Syndication Agent), JP Morgan Chase Bank , Citizens Bank of Pennsylvania, and Capital One, National Association(as Co-Syndication Agents), Branch Banking & Trust Company, TD Bank, N.A., and U.S. Bank, National Association (as Documentation Agents), and the other lender parties thereto (the “Second Amended and Restated Credit Agreement”).
The Second Amended and Restated Credit Agreement extends the maturity date of the revolving credit facility to August 17, 2022.Under the Second Amended and Restated Credit Agreement, as was the case under the Existing Credit Agreement, the interest rate for all borrowings under the facility will be set at a variable rate that may change based on the Company’s consolidated total leverage ratio.The Second Amended and Restated Credit Agreement contains the following incurrence-based financial covenants (each of which is the same as in the Existing Credit Agreement): a maximum consolidated total leverage ratio of 4.5-1.0, a maximum consolidated senior secured leverage ratio of 3.5-1.0, and a minimum consolidated coverage ratio of 2.5-1.0 (same as Existing Credit Agreement).However, the Second Amended and Restated Credit Agreement permits a “step up” of the maximum consolidated total leverage ratio from 4.5-1.0 to 4.75-1.0 and a step up of the maximum consolidated senior secured leverage ratio from 3.5-1.0 to 3.75-1.0 during the four fiscal quarters following certain material acquisitions by the Company. In addition, under the Second Amended and Restated Credit Agreement, the letter of credit sublimit has been increased to $75 million (from $50 million under the Existing Credit Agreement).
Other material terms under the Second Amended and Restated Credit Agreement (including the size of the revolving credit facility, the accordion feature that permits the Company to arrange with the lenders for the provision of up to $250 million in additional commitments, and the amount of the swing line loan sublimit) are the same as under the Existing Credit Agreement.
A copy of the Second Amended and Restated Credit Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K, and the preceding description of material terms of the Amended and Restated Credit Agreement is qualified in its entirety by reference to the complete document filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
Description of Exhibit |
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10.1 |
Second Amended and Restated Credit Agreement, by and among the Company, Bank of America, N.A. (as Administrative Agent and L/C Issuer), PNC Bank, National Association (as Swing Line Lender and Co-Syndication Agent), JP Morgan Chase Bank, Citizen Bank of Pennsylvania, and Capital One, National Association (as Co-Syndication Agents), Branch Banking & Trust Company, TD Bank, and U.S. Bank, National Association (as Documentation Agents), and the other lender parties thereto, dated August 17, 2017. |
MANTECH INTERNATIONAL CORP ExhibitEX-10.1 2 mant-ex101_134.htm EX-10.1 mant-ex101_134.htm Exhibit 10.1 EXECUTION VERSION Published CUSIP Number: 56456CAG9 Revolving Credit CUSIP Number: 56456CAH7 $500,…To view the full exhibit click here
About ManTech International Corporation (NASDAQ:MANT)
ManTech International Corporation is a provider of technologies and solutions for national security programs for the intelligence community; the departments of Defense, State, Homeland Security, Health and Human Services, Veterans Affairs and Justice, including the Federal Bureau of Investigation (FBI); the space community, and other United States Government customers. The Company offers an array of information technology (IT) and technical services solutions under contracts with the United States Government. It supports national security missions and provides services to over 50 federal government agencies under approximately 1,000 contracts. Its solutions and services include cybersecurity; software and systems development; enterprise information technology; multi-disciplined intelligence; program protection and mission assurance; systems engineering; test and evaluation (T&E), and command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR).
