Bank of America Agents Engility’s New Credit Facility
Engility Holdings announced that it replaced its existing $400 million senior secured credit facility with a new $450 million senior secured credit facility.
Bank of America continued as administrative agent for the new credit facility.
This new facility, which consists of a $200 million term loan and a $250 million revolving credit line, has a term of five years. The facility also contains an accordion feature that allows Engility to increase its availability by up to an additional $150 million. Upon closing of the new facility, Engility had total indebtedness of $313 million, of which $113 million was outstanding under its revolving credit line.
“This new facility significantly reduces our future interest expense, substantially enhances our cash flow and provides us with additional financial flexibility to grow our business,” said Engility CEO Tony Smeraglinolo.
Engility is a provider of specialized technical consulting, program and business support services, engineering and technology lifecycle support, information technology modernization and sustainment, supply chain services and logistics management and training and education for the U.S. government.