Heidrick & Struggles closes on upsized $100 million five-year revolver

By Tali Rackner

Norfolk, Va., July 1 – Heidrick & Struggles International, Inc. closed on a second amended and restated credit agreement on Tuesday with JPMorgan Chase Bank, NA as administrative agent, according to a press release.

The agreement provides for an upsized $100 million senior unsecured revolving credit facility, with an option to increase by up to $50 million.

Previously, the company had a $75 million revolver and $26.5 million outstanding on a term loan facility. The term loan facility was terminated and the balance is now outstanding against the amended revolver.

At closing, roughly $73 million of availability remains.

The facility matures on June 30, 2020 and may be prepaid or terminated at any time without premium or penalty, subject to customary Libor breakage fees.

Heidrick & Struggles is a leadership consulting services company based in Chicago.

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