Reston-based federal contractor Science Applications International Corp. (SAIC) will raise $400 million to finance its $1.2 billion acquisition of Reston-based Unisys Federal, the company announced Wednesday.
SAIC will launch an offering of senior notes due in 2028 and will use the proceeds, cash on its balance sheet, borrowings under its credit facility and proceeds from the sale of receivables to pay for the Unisys Federal acquistion.
Both companies are publicly traded federal contractors specializing in IT services. Announced Feb. 6, the transaction was approved by SAIC’s board of directors and is expected to close by May 1.
