Davis Polk advised Computer Sciences Corporation in connection with the $2 billion senior unsecured term loan facilities provided to Everett SpinCo, Inc., a wholly owned subsidiary of Hewlett Packard Enterprise Company (“HPE”), consisting of (i) a $375 million tranche A-1 term loan facility denominated in U.S. dollars, (ii) a $1.31 billion tranche A-2 term loan facility denominated in U.S. dollars and (iii) a $315 million tranche A-3 facility denominated in euros. The proceeds of the term loan facilities will be used for general corporate purposes, including to pay expenses associated with the tax-free spinoff and merger of Everett with CSC and the payment of a special dividend by Everett to HPE in connection with the spinoff. The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) is acting as administrative agent for the term loan facility.

CSC is a global information technology services company with 66,000 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.

HPE is a leading global provider of the technology solutions customers need to optimize their traditional IT while helping them build the secure, cloud-enabled, mobile-ready future that is uniquely suited to their needs. HPE conducts its business through its enterprise group, software, enterprise services, financial services and corporate investments segments.  Everett is a leading global provider of technology consulting, outsourcing and support services across infrastructure, applications and business process domains in traditional and strategic enterprise service offerings which includes analytics and data management, security and cloud services.

The Davis Polk credit team included partner Lawrence E. Wieman and associates Kyle D. Bady, Vanessa L. Jackson and Phoebe Jin. The capital markets team included partner Deanna L. Kirkpatrick and counsel Meredith L. Mackey. All members of the Davis Polk team are based in the New York office.

 

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