Ciber gets $155 million credit facility via BofA and BBVA Compass

By Sara Rosenberg

New York, Aug. 20 - Ciber Inc. closed on a new $155 million three-year senior credit facility on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America and BBVA Compass acted as the lead arrangers and bookrunners on the deal, with Bank of America the administrative agent.

The facility consists of a $105 million revolver and a $50 million term loan, with the tranches initially priced at Libor plus 350 basis points. Pricing can range from Libor plus 275 bps to 350 bps based on total leverage.

There is a 50 bps unused fee.

Financial covenants include a maximum consolidated total leverage ratio, a minimum consolidated fixed-charge coverage ratio, a minimum EBITDA and an asset coverage test.

The maximum consolidated total leverage ratio may not be greater than 2.75 to 1.0 through Dec. 31. It then reduces to 2.5 to 1.0 on March 31, 2010, and further to 2.25 to 1.0 on June 30, 2010, and then to 2.0 to 1.0 on June 30, 2011.

The minimum consolidated fixed-charge coverage ratio must be not less than 1.25 to 1.0.

Twelve-month EBITDA must be maintained at a minimum of $50 million through March 31, 2010, $55 million from April 1, 2010 to Sept. 30, 2010, $60 million from Oct. 1, 2010 to March 31, 2011, $65 million from April 1, 2011 to Sept. 30, 2011, and $67.5 million from Oct. 1, 2011 and thereafter.

And, under the asset coverage test, the aggregate amount of loans advanced under the credit facility can't exceed an amount equal to 80% of all of the company's net accounts receivable.

Security is present and future domestic tangible and intangible assets as well as a pledge of 66% of the capital stock of direct foreign subsidiaries.

Proceeds were used to replace the company's previous revolver and can be used for working capital needs and general corporate purposes.

Ciber is a Greenwood Village, Colo.-based pure-play international system integration consultancy and outsourcing company.

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