September 27, 2024

Milbank Advises on Financing and Notes Offering for Merger of Amentum and Jacobs’ Critical Mission Solutions and Cyber and Intelligence Businesses

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Milbank LLP represented JPMorgan Chase Bank, N.A., as administrative agent and left lead arranger, and other financing sources in connection with the $5.6 billion financing for the spinoff of Jacobs Solutions Inc.’s (NYSE: J) Critical Mission Solutions and Cyber and Intelligence businesses and its subsequent merger with Amentum Parent Holdings LLC (the surviving entity becoming Amentum Holdings, Inc. (“Amentum”)) and for the refinancing of Amentum’s existing first lien and second lien credit facilities.

The financing for the Reverse Morris Trust-structured divesture consisted of a $3.75 billion term loan facility and $850 million revolving credit facility. Milbank also represented J.P. Morgan Securities LLC and the other initial purchasers in connection with Amentum’s issuance of $1.0 billion of 144A/Reg. S high‑yield senior notes.

Following the merger, Amentum became a new publicly traded company focused on advanced engineering and innovative technology solutions. Jacobs is an international technical services provider.

The Milbank deal team was led by New York-based Global Leveraged Finance partners Marcus Dougherty and Kamal Nesfield and associates Natasha Graham, Lilia Chu, Madison Lazarek and Elizabeth Andreano and Max Edwards, along with Corporate Finance and Securities partner Rod Miller, special counsel Theodore Hart and associates Egzon Sulejmani, Simone Arthur and Harper Ricks.