8-KItem 1.01 · Material AgreementItem 2.03 · Financial ObligationItem 9.01 · Financial Statements
Cognizant enters $2.4 billion unsecured credit agreement
Filed with the SEC on · Summarized by InvestorsBot
Cognizant entered into a new credit agreement with JPMorgan Chase Bank, N.A. as administrative agent and participating financial institutions, including a $550 million term loan and a $1.85 billion revolving credit facility. The company used the term loan and approximately $1.0 billion drawn on the revolver primarily to refinance its existing facilities; the new facilities mature October 3, 2031, support general corporate purposes, and require Cognizant to maintain a maximum leverage ratio of 3.50:1.00, or 4.00:1.00 temporarily after certain material acquisitions.