Carlyle-Backed ManTech International Corp. Abandons $2.3โ Billion Loan Sale
Defense and cybersecurity contractor ManTech International โขCorp. has withdrawnโค its โขplanned $2.3 billion leveragedโข loan โsale due to insufficient investor demand, โคsources familiar with โthe matter report. The company is now pursuing funding options โthrough private credit lenders.
Theโข financing effort was initiatedโฃ earlier โthis โขmonth โฃby โ JPMorgan Chaseโฃ & Co., butโฃ failed to finalize before the November 20th deadline. Concerns among โinvestors center around โpotential reductions in U.S. government โฃspendingโ andโฃ increased volatility within the broader credit markets,according โto โthe sources,who requested anonymity โas thay โare notโค authorized to publicly โขdiscuss the situation.
ManTech is a portfolio company โofโ Carlyle Group. The leveraged loan market has faced headwinds in recent months as rising interest โrates and โขeconomic uncertainty have made investors more cautious.