Exelis gets $500 million five-year senior unsecured revolving facility

By Susanna Moon

Chicago, Dec. 23 – Exelis Inc. obtained a $500 million five-year senior unsecured revolving credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The facility may be increased up to $200 million for a total maximum size of $700 million.

The facility includes a revolving competitive bid option that allows the company to conduct auctions among the participating banks for borrowings and a $100 million letter of credit commitment.

The maturity date is Dec. 23, 2019, and the facility may be extended for additional one-year periods, with lender consent.

The agreement permits voluntary prepayment of principal and accrued interest.

Proceeds will be used for working capital and other general corporate purposes.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays Bank plc and The Bank of Tokyo-Mitsubishi UFJ, Ltd. are the lead arrangers and bookrunners. JPMorgan Chase Bank, NA is the administrative agent. Citibank, NA is the syndication agent. Barclays Bank plc, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., SunTrust Bank, U.S. Bank NA and Wells Fargo Bank, NA are the documentation agents.

The defense technology segment, and eventual spinoff, from diversified manufacturing company ITT is based in White Plains, N.Y.

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