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02 April 2010 ,
Written by Dhruv Tanwar
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ManTech International Corporation has said that it plans to raise around $200 million through senior unsecured notes in order to fund future growth through acquisitions and other general corporate purposes.
 ManTech said it would raise the amount, subject to market conditions, through senior unsecured notes due 2018 in a private placement to eligible purchasers.
“Certain of ManTech's existing and future wholly-owned domestic subsidiaries will guarantee the notes,” the company said in its statement, in which it said it plans to use the funds to finance general corporate purposes and “to support future growth through acquisitions.” ManTech said that it will, as an interim measure, pay down existing funded debt on its $350 million revolving credit facility, which will remain in effect following the offering and which matures in April 2012.
Earlier in the year, ManTech had acquired Sensor Technologies for $242 million and issued guidance against a good backlog of $3.8 billion that it expects to push up full-year revenues to $2.85 billion with full-year earnings anticipated at around $138 million. |