Houlihan Lokey obtains $100 million three-year revolving facility

By Sarah Lizee

Olympia, Wash., Aug. 26 – Houlihan Lokey, Inc. entered into a $100 million revolving credit agreement on Friday, according to an 8-K filing with the Securities and Exchange Commission.

BofA Securities, Inc. is the lead arranger, bookrunner and administrative agent.

Interest is Libor plus 100 basis points. The commitment fee is 30 bps.

The new revolver, which refinances and replaces the company’s existing credit agreement, has an expansion option that would provide for a total credit facility size of $200 million if exercised.

The revolver matures Aug. 23, 2022.

There is a $10 million sublimit for the issuance of standby letters of credit.

Financial covenants include a consolidated leverage ratio of 2 to 1; and a minimum consolidated EBITDA of $150 million.

Houlihan Lokey is a Los Angeles-based investment bank.

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