Raytheon obtains $1.25 billion revolving facility maturing in 2021

By Wendy Van Sickle

Columbus, Ohio, Oct. 3 – Raytheon Co. entered into a new $1.25 billion competitive advance and revolving credit agreement on Monday, according to an 8-K filed with the Securities and Exchange Commission.

The new credit agreement extends the maturity date under the company’s prior credit agreement to Nov. 15, 2021 from Nov. 13, 2020.

The facility has a $500 million letter-of-credit sublimit.

Borrowings bear interest at Libor plus a margin of 58 basis points to 112.5 bps. There is a facility fee from 4.5 bps to 12.5 bps. Raytheon is also permitted to seek loans at interest rates that are determined through a competitive bid process.

J.P. Morgan Securities LLC, BofA Securities, Inc. and Citibank, NA acted as joint lead arrangers and joint bookrunners; JPMorgan Chase Bank, NA as administrative agent; Bank of America, NA and Citibank as syndication agents; and Barclays Bank plc, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc. and Morgan Stanley MUFG Loan Partners, LLC as co-documentation agents.

The facility replaces the company’s previous $1.25 billion five-year competitive advance and revolving credit agreement.

The defense and homeland security technology company is based in Waltham, Mass.

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