ManTech said the facility will provide an increased ability to drive organic growth and strategic acquisitions.
The five-year credit facility enables borrowings up to $500 million and can expand by up to an additional $250 million.
The interest rate for all borrowings under the facility will be at a variable rate initially equal to LIBOR plus 150 basis points per annum and may change based on the company’s total leverage ratio as described in the credit agreement.
“This new facility significantly enhances our liquidity profile, ” said ManTech Chairman and CEO George J. Pedersen. “When combined with our sizeable cash position, robust cash flow generation, and with the full amount of the revolver available with no current borrowing ManTech is well positioned to continue delivering strong growth and providing attractive total returns and dividends to our shareholders.”