BigBear.ai Inc (NYSE:BBAI) shares are trading higher Thursday after the company announced it secured a contract for federal civilian and defense agencies.

What Happened: BigBear.AI said it was awarded a position on the U.S. General Services Administration's OASIS+ Unrestricted Multiple Agency Contract.

OASIS+ is a government-wide suite of contracts designed to streamline the procurement of complex professional services across all federal agencies. The company's multiple-award contract has no maximum dollar ceiling and offers a 10-year ordering period with an unlimited number of task orders at any dollar value.

"This milestone underscores our proven track record of delivering innovative solutions that merge deep expertise with cutting-edge technology. Through OASIS+, we look forward to expanding our reach and impact across critical federal missions while strengthening our partnerships with existing customers," said Mandy Long, CEO of BigBear.AI.

The award includes 75 contract line items numbers across five domains including management and advisory, technical and engineering, research and development, intelligence services and logistics.

Separately, BigBear.AI announced that it exchanged a portion of its existing 6% convertible senior notes due 2026 for new 6% convertible notes due 2029. The company will exchange approximately $182.3 million in aggregate principal amount of the existing notes for $182.3 million of the new notes and approximately $400,000 in cash.

The exchange transactions are expected to settle on or about Dec. 27. Upon completion, the aggregate amount of the existing notes outstanding will be approximately $17.7 million. BigBear.AI will not receive any cash proceeds from the issuance of new convertible notes.

BBAI Price Action: BigBear.AI shares were up 6.52% at $1.11 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.