CRA International gets $125 million five-year multicurrency revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 26 – CRA International, Inc. entered into an amended and restated credit agreement on Tuesday providing for a five-year $125 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility amends and restates the company’s credit facility dated April 24, 2013 with Citizens Bank, NA as administrative agent. Citizens is also the agent for the restated credit facility.

The revolver includes a $35 million sublimit for borrowings by subsidiaries CRA International (UK) Ltd., CRA International Ltd. and CRA International (Netherlands) BV; a $35 million sublimit for multicurrency borrowings in euros or pounds sterling, Canadian dollars Swiss francs or any other non-U.S.-dollar currency; a $15 million sublimit for the issuance of letters of credit ($2 million of which may be denominated in currencies other than U.S. dollars); and a $5 million sublimit for swingline loans.

The initial interest rate is Libor plus 125 basis points, and the initial commitment fee is 20 bps. The margin over Libor ranges from 125 bps to 225 bps, and the commitment fee ranges from 20 bps to 35 bps, both depending on the company's leverage ratio.

Citizens Bank and Bank of America Merrill Lynch are the lead arrangers and bookrunners. Bank of America, NA is the syndication agent.

At closing, about $3.6 million in letters of credit were outstanding under the facility, which matures on Oct. 24, 2022.

The company may use the revolver to provide working capital and for other general corporate purposes, including the financing of permitted acquisitions.

CRA is a Boston-based consulting firm.

© 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.