Lockheed Martin Corporation filed a current report on Form 8-K on August 28, 2026, disclosing that on August 24, 2026, the company entered into a new $2.25 billion 364-day unsecured revolving credit facility and extended its existing $3.0 billion five-year revolving credit agreement by one year to August 24, 2031.

Key Highlights

  • New 364-day facility: Lockheed Martin entered a $2.25 billion unsecured revolving credit agreement dated August 24, 2026, maturing August 23, 2027.
  • Prior facility terminated: The company simultaneously terminated its prior 364-day revolving credit agreement dated December 5, 2025, incurring no early termination penalties.
  • Term loan conversion option: The company may convert outstanding borrowings to non-revolving term loans for one additional year, payable August 23, 2028, subject to a fee of 0.50% of the principal amount converted.
  • Five-year facility extended: The existing $3.0 billion Revolving Credit Agreement, originally dated August 24, 2022, was extended from August 24, 2030 to August 24, 2031.
  • No borrowings at closing: According to the filing, no borrowings under the new 364-day facility were made at closing.
  • Facility fee: A facility fee accrues on aggregate commitments at a rate of 0.04%, payable quarterly in arrears.
  • Administrative agent: Bank of America, N.A. serves as administrative agent for both agreements; JPMorgan Chase Bank, N.A. serves as syndication agent.

Lockheed Martin's New and Extended Credit Facilities: Key Terms and Structure

According to the filing, Lockheed Martin Corporation (NYSE:LMT) entered into a new 364-Day Revolving Credit Agreement on August 24, 2026, replacing a prior facility that had been scheduled to terminate on December 4, 2026. The new $2.25 billion unsecured facility is available for "any lawful corporate purposes of the Company, including supporting commercial paper borrowings," as the filing states. The facility does not contain a financial maintenance covenant.

The filing discloses that interest on borrowings may be calculated, at the company's option, based on the Base Rate, Term SOFR plus the Term SOFR Margin, Daily Simple SOFR plus the Term SOFR Margin, or a competitive bid rate. The Term SOFR Margin ranges from 0.585% to 1.085% per annum, depending on the company's senior unsecured long-term debt securities credit ratings. The Base Rate is defined as the highest of the Federal Funds Rate plus 0.50%, Bank of America's prime rate, or Term SOFR for a one-month interest period plus 1.00%. Events of Default include, among others, failure to pay principal when due, certain covenant breaches, bankruptcy or insolvency of the company or a Material Subsidiary, an unsatisfied judgment exceeding $300 million, and specified change-of-control events.

Separately, the company entered into an Extension Agreement on the same date, extending the maturity of its existing $3.0 billion five-year revolving credit facility by one year to August 24, 2031. The filing notes that "except as revised by the Extension Agreement, the terms of the 5-Year Revolving Credit Agreement remain in full force and effect." The report was signed on August 27, 2026, by John E. Stevens, Vice President and Chief M&A and Securities Counsel.

What Was Disclosed

Lockheed Martin disclosed the entry into a new $2.25 billion 364-day unsecured revolving credit facility and the one-year extension of its $3.0 billion five-year revolving credit agreement, both effective August 24, 2026, with Bank of America, N.A. as administrative agent.