CSC Borrows $1.5 Billion on Credit Facility

FALLS CHURCH, Va., Oct. 23 /PRNewswire-FirstCall/ -- CSC (NYSE: CSC)
announced today that it has borrowed $1.5 billion under its $1.5 billion
committed revolving credit facility which expires July 12, 2012. CSC took the
action due to the current instability of the commercial paper market. The
action will ensure the company's liquidity position in light of the ongoing
credit market dislocation. The primary use of proceeds is to repay maturing
commercial paper and term debt. The company will discontinue its use of
commercial paper in the current environment.
"Although we have had a long well established commercial paper position as
a component of our financing, based on the current uncertainty in the
financial markets, particularly with respect to commercial paper, we made this
decision to proactively increase our liquidity and to bridge our access to the
debt capital markets," said Michael W. Laphen, CSC's Chairman, President and
Chief Executive Officer. "We will continue to monitor the market for
improvement. However, in the current weak credit environment, we believe the
prudent action for the company is to secure liquidity and draw down the credit
facility."
About CSC
CSC is a global leader in providing technology-enabled solutions and
services through three primary lines of business. These include Business
Solutions & Services, Global Outsourcing Services and the North American
Public Sector. CSC's advanced capabilities include systems design and
integration, information technology and business process outsourcing,
applications software development, Web and application hosting, mission
support and management consulting. Headquartered in Falls Church, Va., CSC has
approximately 90,000 employees and reported revenue of $17.1 billion for the
12 months ended July 4, 2008. For more information, visit the company's Web
site at http://www.csc.com.
All statements in this press release and in all future press releases that
do not directly and exclusively relate to historical facts constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements represent the Company's
intentions, plans, expectations and beliefs, and are subject to risks,
uncertainties and other factors, many of which are outside the Company's
control. These factors could cause actual results to differ materially from
such forward-looking statements. For a written description of these factors,
see the section titled "Risk Factors" in CSC's Form 10-K for the fiscal year
ended March 28, 2008. In addition to the foregoing, the current credit market
dislocation could affect our future results. The Company disclaims any
intention or obligation to update these forward-looking statements whether as
a result of subsequent events or otherwise except as required by law.
SOURCE CSC

Mike Dickerson, Director, Media Relations, Corporate, +1-310-615-1647,
mdickers@csc.com, or Bill Lackey, Director, Investor Relations, Corporate,
+1-310-615-1700, blackey3@csc.com, both of CSC