ManTech Closes New $500 Million Credit Facility

ManTech International Corporation MANT announced today that it has replaced its existing credit facility with a new $500 million senior secured credit facility. The new facility enhances the company's strong capital position and financial flexibility, providing an increased ability to drive growth organically and through strategic acquisitions. The five-year credit facility provides for borrowings of up to $500 million and has an accordion feature to expand the facility by an additional $250 million. The interest rate for all borrowings under the facility will be at a variable rate initially equal to LIBOR plus 150 basis points per annum and may change based on the company's total leverage ratio as described in the credit agreement.