We advised Leidos in connection with the transactions

Davis Polk advised Leidos Holdings, Inc. in connection with an SEC-registered offering of $500 million aggregate principal amount of 5.400% senior notes due 2032 and $500 million aggregate principal amount of 5.500% senior notes due 2035. The notes were issued by Leidos, Inc., Leidos Holdings, Inc.’s wholly owned subsidiary, and are guaranteed by Leidos Holdings, Inc.

Concurrently with the notes offering, Davis Polk advised Leidos, Inc. in connection with its cash tender offer for any and all of its outstanding $500 million aggregate principal amount of 3.625% notes due 2025.

Leidos intends to use the net proceeds for general corporate purposes, including to repurchase notes tendered in the tender offer.

Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 48,000 global employees, Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025.

The Davis Polk capital markets team included partner Shane Tintle and associates Steven Glendon and Syma Birenbaum. Partner Patrick E. Sigmon and associates Ted Lee and Zoey Chau provided tax advice. Partner Matthew J. Bacal and associates Shreya R. Kundur and Nazli Ungan provided intellectual property and data privacy advice. Counsel Loyti Cheng provided environmental advice. All members of the Davis Polk team are based in the New York office.

 

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