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Computer Sciences, units to sell accounts receivables

Computer Sciences Corp. and certain of its subsidiaries agreed to sell all of their accounts receivables pursuant to a purchase and sale agreement and a receivables purchase agreement.

The company established a committed one-year purchase facility of up to $250 million pursuant to the agreements. The facility's term can be extended for an additional year if agreed to by the purchasers, and the limit of the facility can be reduced or increased from time to time. The company plans to use the proceeds from the sales of the receivables under the facility for general corporate purposes.

Under the purchase and sale agreement, the company and its subsidiaries Alliance-One Services Inc., CSC Agility Platform Inc., CSC Consulting Inc., CSC Cybertek Corp., Mynd Corp. and PDA Software Services LLC as originators will sell all of their accounts receivables, except certain excluded receivables and related rights, to CSC Receivables LLC, a special purpose entity that is owned by the company.

CSC Receivables will sell the receivables to purchasers in exchange for payments of capital under a receivable purchase agreement with the company as servicer, the persons from time to time party thereto as purchasers and group agents, PNC Bank NA as administrative agent and PNC Capital Markets LLC as structuring agent. The investment of each purchaser under the receivables purchase agreement will bear interest at the applicable adjusted LIBOR or LIMR at such purchaser's selection.