CSC Announces New Unsecured Revolving Credit Facility
News Release -- March 21, 2011
FALLS CHURCH, Va., March 21 - CSC (NYSE: CSC), a global leader in providing technology-enabled solutions and services entered into a new $1.5 billion unsecured revolving credit facility on March 18, 2011, which replaced an existing $1.5 billion facility that was scheduled to mature in July 2012.
“The availability of back-up credit from our global lender group supports the issuance of CSC’s U.S. commercial paper and gives us the flexibility to finance CSC’s continuing working capital requirements,” said Michael Mancuso, chief financial officer, CSC. “The credit facility is a key component of the company’s overall capital structure and enhances our liquidity position.”
Citibank, N.A., serves as administrative agent with Citigroup Global Markets Inc and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers and joint book runners, and a syndicate of 17 other banks, as lenders.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions and Services, the Managed Services Sector and the North American Public Sector. CSC’s advanced capabilities include system design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. The company has been recognized as a leader in the industry, including being named by FORTUNE Magazine as one of the World’s Most Admired Companies for Information Technology Services (2011). Headquartered in Falls Church, Va., CSC has approximately 93,000 employees and reported revenue of $16.2 billion for the 12 months ended December 31, 2010. For more information, visit the company’s website at www.csc.com.
All statements in this press release and in all future press releases that do not directly and exclusively relate to historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent the Company’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the Company’s control. These factors could cause actual results to differ materially from such forward-looking statements. For a written description of these factors, see the section titled “Risk Factors” in CSC’s Form 10-K for the fiscal year ended April 2, 2010 and any updating information in subsequent SEC filings. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent event or otherwise, except as required by law.