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ManTech announces $500 million credit facility

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Fairfax-based ManTech International Corp. has replaced its existing credit facility with a $500 million senior, secured credit facility.

Company officials said the new credit facility enhances its capital position and financial flexibility, improving its ability to grow organically and through acquisitions.

The five-year credit facility allows borrowings of up to $500 million and also has an “accordion feature” to expand by an another $250 million.

The interest rate for all borrowings will be a variable rate, initially equal to LIBOR plus 150 basis points per year. The rate may change based on the company’s total leverage ratio.

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