Lockheed Martin closes $2.25 billion 364-day credit facility

Lockheed Martin Corporation (NYSE: LMT) entered a new $2.25 billion 364-day unsecured revolving credit agreement on Aug. 24, 2026, according to an Aug. 28 Form 8-K. Bank of America, N.A. is administrative agent, with JPMorgan Chase Bank, N.A. as syndication agent and Citibank, Crédit Agricole CIB, Mizuho Bank, and Wells Fargo as documentation agents.

In connection with the new facility, Lockheed Martin terminated its prior 364-day revolving credit agreement dated Dec. 5, 2025, which had been scheduled to terminate Dec. 4, 2026. No early termination penalties were incurred. The company said the facility is available for any lawful corporate purposes, including supporting commercial paper borrowings, and that no borrowings were made at closing.

The new agreement matures Aug. 23, 2027. Lockheed Martin may elect, subject to a 0.50% fee on principal converted, to continue outstanding borrowings as non-revolving term loans for one additional year, payable Aug. 23, 2028. Interest is based, at the company’s option, on a base rate, Term SOFR, Daily Simple SOFR, or a competitive-bid rate. The Term SOFR margin ranges from 0.585% to 1.085% based on credit ratings. A facility fee of 0.04% accrues on aggregate commitments. The agreement contains customary covenants but no financial maintenance covenant.

Separately on Aug. 24, Lockheed Martin extended its existing $3.0 billion revolving credit agreement dated Aug. 24, 2022 by one year, moving the expiration from Aug. 24, 2030 to Aug. 24, 2031. Other terms of that five-year facility remain in effect.

By the numbers

• New 364-day facility: $2.25 billion; matures Aug. 23, 2027
• Optional term-out: to Aug. 23, 2028 (0.50% conversion fee)
• Facility fee: 0.04% on commitments
• Term SOFR margin: 0.585%–1.085% (ratings-based)
• Extended 5-year facility: $3.0 billion; now expires Aug. 24, 2031

Sources

1. Lockheed Martin Corporation Form 8-K, accession 0001193125-26-371750

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