Hewitt gets $270 million unsecured term loan

By Sara Rosenberg

New York, Aug. 11 - Hewitt Associates LLC closed on a new $270 million five-year senior unsecured term loan, according to an 8-K filed with the Securities and Exchange Commission Monday.

JPMorgan and BMO Capital acted as the joint lead arrangers on the deal that was completed on Aug. 7, with JPMorgan the bookrunner and administrative agent, BMO the syndication agent, and Barclays and U.S. Bank the documentation agents.

Pricing on the loan is initially Libor plus 150 basis points. Pricing can range from Libor plus 100 bps to 200 bps based on leverage.

There is a $30 million accordion feature.

Covenants include a leverage ratio and an interest coverage ratio.

Proceeds will be used for general corporate purposes, which could include the repayment of certain existing debt, share repurchases and future acquisitions.

Hewitt is a Lincolnshire, Ill.-based provider of human resource benefits, outsourcing and consulting services.

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