Leidos Holdings, Inc. 8-K

What Happened

• Leidos Holdings, Inc. filed an 8-K reporting that on February 12, 2026 it entered into an Amendment and Restatement Agreement that amends and restates its March 10, 2023 credit agreement. The amendment increases the aggregate commitments under the revolving credit facility from $1.0 billion to $1.5 billion, extends the revolver’s maturity to five years from the Restatement Effective Date (Feb 12, 2026), and makes fee and pricing adjustments. Citibank, N.A. remains administrative agent for the facility. As of the Restatement Effective Date, there were no borrowings outstanding under the revolver; it remains available for working capital and general corporate purposes. The term loan under the prior agreement was not changed.

Key Details

• Revolving credit commitments increased from $1,000,000,000 to $1,500,000,000.
• Revolver maturity extended to five years after the Restatement Effective Date (Feb 12, 2026).
• Unused commitment fee reduced to a ratings-based range of 0.08%–0.20% per annum (was 0.09%–0.25%); a prior 0.10% credit spread adjustment was removed.
• No changes to the term loan’s maturity, principal amount, or pricing; covenants and representations are, on balance, substantially similar to the prior agreement.
• The Restatement Agreement is dated February 12, 2026 and lists the Loan Parties, lenders and Citibank, N.A. as administrative agent.

Why It Matters

• The amended credit agreement increases Leidos’ available liquidity by $500M and extends the revolver’s maturity, which reduces near‑term refinancing risk and gives the company more flexibility for working capital and corporate needs.
• Lower unused fees and removal of the spread reduce the cost of maintaining the facility, though the filing notes no immediate borrowings were made under the revolver.
• Investors should note the term loan remains unchanged and the covenants are largely similar, so the amendment primarily affects liquidity capacity and borrowing economics rather than covenant relief or new restrictions.