MCLEAN, Va., Dec. 13, 2010 /PRNewswire/ -- Global Defense Technology & Systems, Inc. (Nasdaq: GTEC), a provider of mission-critical technology-based systems, solutions and services for national security agencies and programs of the U.S. government, entered into a $100 million revolving credit facility on December 10, 2010 with a syndicate of banks led by SunTrust Bank and Wells Fargo. The facility matures on December 10, 2013 and provides GTEC with the flexibility to execute the acquisition of Signature Government Solutions, LLC, which is expected to close before the end of the fourth quarter of 2010. The new revolving credit facility has an up to $40 million accordion feature to allow for additional expansion as necessary in the future and replaces the previous $50 million agreement entered into in February 2010. The new revolving credit facility will enable GTEC to fund continued organic growth and complete potential future strategic acquisitions in line with its growth strategy.
About Global Defense Technology & Systems, Inc.
Global Defense Technology & Systems, Inc. provides mission-critical technology-based systems, solutions and services for national security agencies and programs of the US government. Our services and solutions are integral parts of mission-critical programs run by the Department of Defense, Intelligence Community, Department of Homeland Security, federal law enforcement agencies and other parts of the federal government charged with national security responsibilities. Learn more about GTEC at www.gtec-inc.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this announcement other than historical data and information constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements, including, but limited to the following: the uncertainty of the timing of regulatory review of the transaction, financing risks, such as our ability to close our new credit facility, increases in interest rates and restrictions imposed by our new credit agreement, risks concerning the future financial performance of the acquired company, failure to successfully integrate the acquired company into our operations or to realize any benefit from the acquisition, and our dependence on contracts with federal government agencies for substantially all of our revenue. These and other risk factors are discussed in Global Defense Technology & Systems, Inc.'s (GTEC) Annual Report on Form 10-K, and such other filings that GTEC makes with the Securities and Exchange Commission from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements speak only as of the date hereof and GTEC undertakes no obligation to update such forward-looking statements in the future except as required by law.
SOURCE Global Defense Technology & Systems, Inc.