Arrangement of $3.28 Billion of Financing for the Acquisition of Lockheed Martin’s Information Systems & Global Solutions Business by Leidos
October 31, 2016
On August 16, 2016, Lockheed Martin completed the separation of its Information Systems & Global Solutions business segment, merging it with a subsidiary of Leidos Holdings, Inc. (“Leidos”) through a Reverse Morris Trust transaction valued at $4.6 billion.
Cravath represented Citibank, N.A. in connection with $3.28 billion of credit facilities made available to Leidos, Inc., a wholly owned subsidiary of Leidos, and Abacus Innovations Corporation (“Abacus”), a wholly owned subsidiary of Lockheed Martin created to facilitate the transaction, to finance the acquisition by Leidos of Abacus. The facilities included a $690 million five‑year term loan A facility and a $750 million revolving credit facility for Leidos,Inc. and a $400 million three‑year term loan A facility, a $310 million five‑year term loan A facility and a $1.1 billion term loan B facility for Abacus.
The Cravath team included partner Joseph D. Zavaglia and associates Ankur N. Patel, Adam J. Gross, Ashley Robson Mistretta and Shakera M. Thompson on banking matters; partner Eric W. Hilfers and associates Brian B. Kennedy and Peretz Riesenberg on executive compensation and benefits matters; partner J. Leonard Teti II and associates Richard Bohm and Peter W. Rogers on tax matters; senior attorney Annmarie M. Terraciano on environmental matters and practice area attorneys Brian O. Larkin and Jin Hee Kim.
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People
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J.D., 2004, Brooklyn Law SchoolValedictorian, summa cum laude
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B.B.A., 2001, College of Insurancecum laude
- New York
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J.D., 1998, University of Chicago Law Schoolwith Honors
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A.B., 1995, Princeton University
- New York
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J.D., 2005, University of Virginia School of LawOrder of the Coif
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A.B., 1999, Princeton Universitywith Honors
- New York
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J.D., 1998, Columbia Law SchoolHarlan Fiske Stone Scholar
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M.S., 1994, University of Wisconsin - Madison
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B.A., 1989, Wellesley Collegecum laude
- New York
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