CHANTILLY, Va., May 6, 2011 /PRNewswire/ -- TASC, Inc. has secured an amendment to its current senior secured credit facility in the amount of $675 million, consisting of a term loan of $575 million and a revolving line of credit of $100 million. The amendment consents to an interest rate reduction from the previous facility and eliminates some loan covenants.
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"TASC is pleased to have lowered the interest rate obligations and improved our cash flow," says Wayne Rehberger, chief financial officer of TASC. "With this refinancing transaction, TASC will have more financial flexibility for the future."
Barclays Capital, Deutsche Bank Securities Inc., Royal Bank of Canada and RBC Capital Markets, and KKR Capital Markets LLC arranged the financing. The term loan is due in 2015, and the revolving line of credit in 2014.
About TASC
Founded in 1966, TASC, Inc. is a leading provider of advanced systems engineering, integration and decision-support services to the Intelligence Community, Department of Defense and civilian agencies of the federal government. For more than 40 years, TASC has partnered with our customers toward one goal—the success of their missions. Our broad portfolio of services includes mission operations, analysis and engineering; system and policy analysis; program, financial and acquisition management; enterprise engineering and integration; advanced concept and technology development; test and evaluation; independent verification and validation; and cybersecurity. With more than 5,000 employees in 40 locations, TASC generates $1.5 billion in annual revenue. For more information and career opportunities, visit our website at www.tasc.com.
Media Contact: Christine Nyirjesy Bragale, TASC Public Relations Manager, [email protected], (703) 653-5996.
SOURCE TASC, Inc.
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