Hill International shops $120 million term loan at discount of 98

By Sara Rosenberg

New York, July 31 – Hill International NV is talking its $120 million six-year term loan with an original issue discount of 98, according to a market source.

As previously reported, talk on the term loan is in the Libor plus 650 basis points to 675 bps area with a 1% Libor floor, and there is 101 soft call protection for one year.

Amortization on the term loan is 1% per annum.

The company’s $165 million secured credit facility, which launched with a bank meeting on Wednesday afternoon, also includes a $30 million dollar-denominated five-year revolver talked at Libor plus 375 bps with a 50 bps unused fee and a $15 million euro-denominated five-year revolver talked at Euribor plus 400 bps with a 75 bps unused fee.

Both revolvers are offered with an upfront fee of 50 bps, the source added.

The deal has a consolidated total leverage covenant.

Societe Generale is the lead arranger on the credit facility.

Proceeds will be used to refinance existing bank debt and for general corporate purposes.

Closing is expected in August.

Hill International is a Marlton, N.J.-based provider of program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets.

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