Clark Consulting obtains $80 million revolver

By Sara Rosenberg

New York, Dec. 4 - Clark Consulting amended and extended its senior credit facility, allowing for $80 million of borrowing capacity and the ability to increase that amount to $105 million through additional bank commitments. The company also pushed out the maturity date to Dec. 31, 2006 from year-end 2003.

Bank One is the lead bank on the deal, with LaSalle National Bank, Frost National Bank and MB Financial Bank all participating in the syndicate.

Under the credit agreement, a portion of the $80 million revolver converts to term debt at the end of each year, with the term portion amortizing over a five-year period, according to a company news release.

Pricing on the facility can range from Libor plus 162.5 to 275 basis points depending on the company's leverage ratio.

Currently, there is $51 million outstanding under the loan.

"Our senior line has been a great asset that has allowed us to take advantage of many growth opportunities," said Tom Pyra, chief operating officer, in the release. "We are pleased to extend the facility agreement with this group of lenders, and we appreciate their commitment and confidence in the continued execution of our growth strategy."

Clark Consulting is a North Barrington, Ill., firm with expertise in executive compensation and benefit design, funding and plan administration.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.