SAIC Upsizes 2034 Notes Offering to $500 Million at 6.75%

Science Applications International Corporation priced $500 million in 6.75% notes due 2034 on Monday, Nov. 2, enlarging the deal by $100 million as it plans to retire lower-rate debt.

The notes were priced at 100% of principal. SAIC plans to direct net proceeds toward redeeming all outstanding 4.875% senior notes due 2028 and paying estimated fees and expenses. Any net proceeds left over are intended for general corporate purposes.

The 2028 notes had $400 million in principal outstanding as of July 31, 2026. The coupon on the new notes is 1.875 percentage points higher than the rate on that debt.

The 2034 notes will be senior unsecured obligations. Certain existing and future domestic subsidiaries that guarantee SAIC’s credit agreement and certain other debt will guarantee the notes on a senior unsecured basis.

SAIC expects the offering to close on or about Nov. 13, subject to customary conditions. The planned redemption of the 2028 notes depends on the offering closing.