Hewitt Associates obtains $250 million unsecured revolving facility

By Sara Rosenberg

New York, Oct. 16 - Hewitt Associates LLC closed on a new $250 million three-year unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Bank of Montreal and U.S. Bank acted as the co-lead arrangers and bookrunners on the deal that was completed on Oct. 9, and JPMorgan is the administrative agent.

Pricing on the revolver is initially set at Libor plus 250 basis points. Pricing can range from Libor plus 200 bps to 300 bps based on leverage.

There is an unused fee that can range from 30 bps to 50 bps.

Covenants include a leverage ratio of 2.50 to 1.00 and an interest coverage ratio of 2.00 to 1.00.

Proceeds are available for general corporate purposes.

The revolver replaced the company's previous $200 million credit facility.

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

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