Carlyle-Owned ManTech to Refinance Debt With Private Credit Lenders After Pulling BSL Loan From Primary Market

Carlyle-backed ManTech International will refinance its existing debt with private credit lenders after initially attempting to tap the broadly syndicated loan market in November, according to sources.

Roughly $2 billion of loans for ManTech were launched by lead JPMorgan on Nov. 10, but were pulled from the market weeks later, sources said. The technology and cybersecurity contractor, which provides services to the U.S. government, will now return to the private credit market.

One leveraged loan investor noted that ManTech is opting to keep its existing debt in the private credit market because it is offering more attractive pricing than what the deal was marketing in the BSL market.
The original proposed financing led by JPMorgan included a 7-year $2.15 billion senior secured term loan B and a $150 million delayed-draw term loan B, with price talk at SOFR+300 bps and 99 to 99.5 OID.

ManTech’s BSL deal was also likely pulled as a result of the technical environment and substantial outflows in the loan market in recent months, said one leveraged finance banker. A second banker added that while they expected JPMorgan could have gotten the deal done, the government services sector has been particularly challenging in recent months, which may have impacted the success of the deal.

Jefferies Credit Partners is among private credit firms looking at the deal now, according to the second banker. BDC lenders to ManTech include Blackstone, Blue Owl, and Morgan Stanley among others, which can be found HERE. Existing CLO lenders include Blackstone and Jefferies and can be found HERE.

ManTech’s existing SOFR+500 bps private credit loan is maturing in September 2029, according to Octus BDC data.

ManTech International is a technology and defense contractor that provides technology services, such as cybersecurity, artificial intelligence and systems engineering, to U.S. government agencies, particularly in the defense, intelligence, and federal civilian sectors, according to information on its website. Its largest government contractor is the Department of Defense, according to public filings.

In September, the General Services Administration granted ManTech a seven-year $910 million contract to provide cyber and IT services to the U.S. Southern Command. Other recent sizable contracts include a $200 million contract with the National Oceanic and Atmospheric Administration (NOAA) and a $110 million contract with the United States Air Force.

ManTech holds a B2/B+ credit rating from Moody’s and S&P. In its ratings note, S&P said it expects that “strong demand across critical national security initiatives will drive sales growth while strong profitability contributes to growing positive cash flow.”

As of the third-quarter 2025, the average pricing in the information technology sector for lending facilities to refinance or recapitalize existing debt was 515.78 bps over SOFR, according Octus’ Private Credit data.

JPMorgan declined to comment. ManTech, Carlyle and Jefferies did not respond to requests for comment.