v3.26.1
Long-term Debt
 12 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-term Debt
Note 11 – Long-term Debt
The following table summarizes the carrying amounts and terms of our long-term debt as of the dates presented (dollars in thousands):
June 30, 2026June 30, 2025
Maturity dateStated interest rateEffective interest rateOutstanding balanceOutstanding balance
Revolving FacilityNovember 20305.18%5.18%$660,000 $124,500 
Term LoanNovember 20304.87%4.94%1,234,375 1,071,875 
Term Loan BOctober 20315.39%5.63%738,750 746,250 
Term Loan B-2March 20335.39%5.60%798,000 — 
2033 NotesJune 20336.38%6.58%1,000,000 1,000,000 
2033 Notes-2June 20336.38%6.10%500,000 — 
Principal amount of long-term debt4,931,125 2,942,625 
Less unamortized debt discount, premium, and issuance costs(29,616)(24,685)
Total long-term debt4,901,509 2,917,940 
Less current portion(46,750)(68,750)
Long-term debt, net of current portion$4,854,759 $2,849,190 
Credit Facility Agreement
On November 25, 2025, the Company amended its senior secured credit facility (the Credit Facility) primarily to extend the maturity date. As amended, the Company’s $3,250.0 million credit facility consists of a $2,000.0 million revolving credit facility (the Revolving Facility) and a $1,250.0 million term loan (the Term Loan). The Revolving Facility permits renewable borrowings and has sub-facilities of $150.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit. The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Secured Overnight Financing Rate (SOFR) rate plus, in each case, an applicable margin based upon the Company’s consolidated total net leverage ratio. A majority of our assets serve as collateral under the Credit Facility. The Company pays a quarterly facility fee for the unused portion of the Revolving Facility. The Term Loan is a five-year term loan under which principal payments are due in quarterly installments of $7.8 million through December 31, 2027 and $15.6 million thereafter, with any remaining balance due at maturity. As of June 30, 2026, there were no borrowings on the swing line and stand-by letters of credit.
Term Loan B
On October 30, 2024, to provide additional financial flexibility, the Company completed a senior secured term loan (the Term Loan B) in an aggregate principal amount of $750.0 million. The Term Loan B is a seven-year loan, under which principal payments are due in quarterly installments of $1.9 million beginning March 2025 with any remaining balance due at maturity. The interest rates applicable to the loans under the Term Loan B are floating interest rates that, at the Company’s option, equal a base rate or a SOFR rate, plus, in each case, an applicable margin.
The Term Loan B requires the Company to comply with certain customary negative covenants that restrict or limit our ability to guarantee or incur additional indebtedness, grant liens or other security interests to third parties, make loans or other investments, transfer or dispose of assets, declare dividends, redeem or repurchase capital stock or make other distributions in respect of capital stock, prepay certain subordinated indebtedness, and engage in mergers, acquisitions or other business combinations, in each case, except as expressly permitted under the agreement. The Term Loan B includes cross-default provisions with our other debt instruments.
Term Loan B-2
On March 9, 2026, to provide additional financial flexibility in connection with the ARKA acquisition, the Company amended the Term Loan B to provide for an additional tranche of senior secured term loan (the Term Loan B-2) in an aggregate principal amount of $800.0 million. The Term Loan B-2 is a seven-year term loan under which principal payments are due in quarterly installments of $2.0 million beginning June 2026 with any remaining balance due at maturity. The interest rate applicable to the Term Loan B-2 is a floating interest rate that, at the Company’s option, equals a base rate or a SOFR rate plus, in each case, an applicable margin. The obligations under the Term Loan B-2 are secured by the Company, in each case, subject to customary exceptions that are identical to the guarantees and collateral in respect of the Term Loan B. The Term Loan B-2 is subject to the same customary negative covenants as the Term Loan B. The Company deferred $9.1 million of debt issuance costs related to the Term Loan B-2, which are amortized to interest expense over the life of the Term Loan B-2 using the effective interest method.
2033 Notes
On June 2, 2025, CACI issued 6.375% fixed-rate senior unsecured notes with an aggregate principal amount of $1,000.0 million (the 2033 Notes). Net proceeds from the issuance were $989.8 million, all of which were used to repay outstanding borrowings under the Revolving Facility. Debt issuance costs of $12.4 million are amortized to interest expense over the term of the 2033 Notes using the effective interest method. Interest is payable semi-annually in arrears, commencing on December 15, 2025. The principal is due in full at maturity. The 2033 Notes are subordinated to existing senior secured indebtedness, including the Credit Facility, the Term Loan B, and the Term Loan B-2.
Upon the occurrence of a change of control event accompanied by a ratings decline with respect to the 2033 Notes, each note holder may require the Company to repurchase the respective notes held, in whole or in part, at a redemption price of 101% of the related principal amount plus accrued and unpaid interest to the date of redemption.
The 2033 Notes include certain covenants restricting or limiting the Company’s ability to guarantee or incur additional indebtedness, grant liens or other security interests to third parties, and enter into sale and leaseback transactions. The 2033 Notes includes cross-default provisions with our other debt instruments.
2033 Notes-2
On March 12, 2026, the Company issued an additional $500.0 million of its senior unsecured notes (the 2033 Notes‑2), which form part of the same series as the Company’s 2033 Notes. The Company issued the 2033 Notes-2 at a premium and received $516.5 million in net proceeds, which were used to repay outstanding borrowings under the Revolving Facility. Interest is payable semi-annually in arrears, commencing on June 15, 2026. The principal is due in full at maturity. The terms and subordination of the 2033 Notes-2 are the same as the 2033 Notes. All premiums and debt issuance costs are amortized using the effective interest rate over the life of the loan.
The aggregate maturities of long-term debt as of June 30, 2026 are as follows (in thousands):
Fiscal year ending June 30,
2027$46,750 
202862,375 
202978,000 
203078,000 
20311,706,750 
Thereafter2,959,250 
Principal amount of long-term debt$4,931,125 
As of June 30, 2026, the Company was in compliance with all of its financial covenants related to all long-term debt.
Cash Flow Hedges
The Company’s interest rate swap cash flow hedges receive variable rate one-month term SOFR, and they consist of (dollars in thousands):
As of June 30, 2026
Effective dateNotional amountPaid fixed rateMaturity date
July 2019$100,000 2.20%July 2026
July 202250,000 1.69%July 2027
October 202250,000 1.98%October 2027
October 202250,000 2.74%October 2028
January 202350,000 1.80%January 2027
January 202350,000 2.14%January 2027
January 202350,000 2.04%January 2028
April 2023200,000 3.71%April 2027
April 2023100,000 3.67%April 2028
May 2026300,000 3.79%May 2028
May 2026200,000 3.80%May 2029
May 2026300,000 3.81%May 2030
Total notional amount$1,500,000 
The effect of the cash flow hedges on other comprehensive income (loss) and earnings for the periods presented was as follows (in thousands):
Year ended June 30,
202620252024
Gain (loss) recognized in other comprehensive income before reclassifications$8,428 $(7,202)$17,417 
Amounts reclassified from AOCL to earnings (1)
(8,209)(17,570)(27,390)
Other comprehensive income (loss)$219 $(24,772)$(9,973)
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(1)Amounts reclassified from AOCL are included in interest expense and other, net on the consolidated statements of operations.
We expect to reclassify net gains of $6.2 million from AOCL to earnings during the next twelve months.