Huron Consulting amends facility, downsizes permitted unsecured debt

By Tali Rackner

Norfolk, Va., Sept. 3 – Huron Consulting Group Inc. amended its senior secured credit facility decreasing the permitted unsecured debt basket to $150 million from $250 million and eliminating the $75 million restriction on permitted acquisitions, according to a press release.

In addition, the amendment grants consent to the issuance of up to $250 million in permitted convertible debt, bond hedge transactions and warrant transactions. The company announced on Wednesday that it plans to offer $225 million of Rule 144A convertible senior notes due 2019.

The company also amended the facility to:

• Modify the consolidated leverage ratio definition through Sept. 30, 2015 by subtracting unrestricted cash and cash equivalents more than $25 million on deposit with the administrative agent or lenders from consolidated funded debt;

• Clarify that consolidated funded debt will not include permitted bond hedge transactions or permitted warrant transactions in calculating the consolidated leverage ratio;

• Amend the consolidated fixed charges definition to exclude the upfront premiums payable in respect of the permitted bond hedge transactions and any share repurchases;

• Allow investments consisting of permitted bond hedge transactions and permitted warrant transactions entered into in connection with permitted convertible debt; and

• Allow payments to be made in respect of permitted convertible debt, bond hedge transactions and warrant transactions.

Huron is a Chicago-based provider of business consulting services.

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