The company said its wholly owned subsidiary, Leidos, Inc., commenced a cash tender offer for any and all of its outstanding 3.625% Senior Notes due 2025, with $500,000,000 currently outstanding, on February 13, 2025.

1. 01

   The company said its wholly owned subsidiary, Leidos, Inc., commenced a cash tender offer for any and all of its outstanding 3.625% Senior Notes due 2025, with $500,000,000 currently outstanding, on February 13, 2025.

2. 02

   Leidos said the tender offer will expire at 5 p.m. Eastern Time on February 20, 2025, unless extended or earlier terminated. Holders who validly tender may withdraw their notes at any time before the earlier of the expiration time and, if the offer is extended, the 10th business day after commencement.

3. 03

   It said the purchase consideration is calculated by adding the fixed spread of +0 basis points to the yield on the 2.125% U.S. Treasury due May 15, 2025 reference security. Holders will also receive accrued and unpaid interest, and settlement is expected on February 25, 2025.

4. 04

   The company said the tender offer is subject to the satisfaction or waiver of conditions, including the successful completion of a new senior notes offering that generates sufficient net proceeds to repurchase the tendered notes and repay the 2025 notes remaining outstanding. It added that the new notes offering is not conditioned on completion of the tender offer.

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