Heidrick & Struggles enters into $175 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 29 – Heidrick & Struggles International, Inc. closed on a credit agreement on Friday with Bank of America, NA as administrative agent that provides for a five-year $175 million unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

There is a $25 million sublimit for letters of credit and a $10 million sublimit for swingline loans.

An expansion feature allows the company to increase the revolver by up to $75 million.

Borrowings bear interest at Libor plus a margin ranging from 100 basis points to 175 bps, and the commitment fee ranges from 15 bps to 25 bps, depending on leverage ratio. The initial margin and commitment fee are 100 bps and 15 bps, respectively.

Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc. are the bookrunners and lead arrangers.

SunTrust Bank is the syndication agent.

HSBC Bank USA, NA is the documentation agent.

The revolver matures on Oct. 26, 2023.

Borrowings may be drawn in U.S. dollars, euros, pounds sterling, Australian dollars and other currencies.

Proceeds may be used for working capital, capital expenditures, permitted acquisitions, restricted payments and other general corporate purposes.

The credit agreement replaces the company’s $100 million credit agreement dated June 22, 2011.

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

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