...NEW YORK (S&P Global Ratings) Oct. 10, 2018--S&P Global Ratings today assigned its '##' issue-level rating and '3' recovery rating to Science Applications International Corp.'s (SAIC) proposed senior secured credit facility, which comprises a $400 million revolver, a $1.068 billion term loan A due 2023, and a $1.05 billion term loan B due 2025, and placed the issue-level ratings on CreditWatch with positive implications. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in a default scenario. The CreditWatch positive placement reflects that we expect to raise our issue-level rating on the facility to '##+' when SAIC closes its acquisition of Engility Holdings. All of our other ratings on the company remain unchanged. SAIC plans to use the proceeds from the proposed term loan B to refinance its existing debt and the proceeds from the proposed term loan A to refinance Engility's debt, upon the close of the pending acquisition, and pay...
