Lockheed Martin 8-K

Summary

Revolving credit facility renewal and extension. Lockheed Martin replaced its expiring 364-day facility with a new $2.25B unsecured facility and extended its $3.0B five-year facility by one year. No borrowings were made under the new facility at closing, and terminating the prior facility incurred no penalty.

Key Figures

• New 364-day revolving credit facility: $2.25B commitment; matures 8/23/2027. The company may convert outstanding borrowings to non-revolving term loans for one additional year, to 8/23/2028, for a fee of 0.50% of the principal converted.
• New facility rates: at the company’s option, the base rate, Term SOFR or Daily Simple SOFR plus a Term SOFR margin of 0.585%-1.085% per year, based on credit ratings, or a competitive-bid rate. The quarterly facility fee is 0.04% of aggregate commitments. The agreement has no financial maintenance covenant.
• Existing $3.0B five-year revolving facility: expiration extended from 8/24/2030 to 8/24/2031; other terms remain in effect.