Computer Sciences Corporation A$100 Million Term Loan Credit Facility and $100 Million Incremental Revolving Facility
Davis Polk advised Computer Sciences Corporation (“CSC”) and certain of its Australian subsidiaries, CSC Australia Pty. Limited (“CSC Australia”) and UXC Limited (“UXC”), in connection with (i) an A$100 million five-year delayed draw unsecured term loan facility (the “Initial Term Facility”) and (ii) an A$5 million working capital facility provided to CSC Australia and UXC, as borrowers (the “W/C Facility” and together with the Initial Term Facility, the “AUD Facility”). CSC has the option to obtain incremental term loans under the Initial Term Facility in an aggregate amount of up to A$175 million (the “Incremental Facilities” and, together with the Initial Term Facility, the “Term Facilities”; the Term Facilities together with the W/C Facility, the “Facilities”) if the existing or other lenders are willing to provide such incremental term loans. The Facilities are guaranteed by CSC. Commonwealth Bank of Australia (“CBA”) is the agent under the Facilities. The proceeds of (i) the Term Facilities will be used to partially repay amounts drawn under CSC’s existing revolving credit facility (the “Revolving Credit Facility”) and for working capital and other general corporate purposes and (ii) the W/C Facility will be used for working capital and general corporate purposes.
Davis Polk also advised CSC in connection with the addition of $100 million of incremental revolving commitments under CSC’s existing Revolving Credit Facility (the “Incremental Facility”), which brings the total commitments under such Revolving Credit Facility to $2.98 billion.
CSC is a global information technology services company with 56,000 employees in more than 60 countries. CSC provides technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community. CSC serves leading commercial and international public sector organizations throughout the world. CSC is a Fortune 500 company and ranked among the best corporate citizens.
The Davis Polk credit team included partners Lawrence E. Wieman and Meyer C. Dworkin and associates Vanessa L. Jackson and A. McLean Crichton. All members of the Davis Polk team are based in the New York office.