Daily News: September 4, 2014

Bank of America Agents Huron Consulting Amendment


Huron Consulting Group announced it has amended its senior secured credit facility. According to a related 8-K filing, Bank of America acted as administrative agent and collateral agent for the lender group.

Among other terms, the amendment:

Grants consent to the issuance of up to $250 million in permitted convertible indebtedness, permitted bond hedge transactions and permitted warrant transactions, as defined in the amendment.

Modifies the consolidated leverage ratio definition through September 30, 2015, by subtracting unrestricted cash and cash equivalents in excess of $25 million on deposit with the administrative agent or lenders from consolidated funded debt.

Clarifies that consolidated funded debt shall not include Permitted Bond Hedge Transactions or Permitted Warrant Transactions for the purpose of the calculation of the consolidated leverage ratio.

Amends the consolidated fixed charges definition to exclude the upfront premiums payable in respect of the Permitted Bond Hedge Transactions and any share repurchases.

Eliminates the $75 million aggregate restriction on permitted acquisitions.

Decreases the permitted unsecured indebtedness basket from $250 million to $150 million.

Permits investments consisting of permitted bond hedge transactions and permitted warrant transactions entered into in connection with permitted convertible indebtedness

Permits payments to be made in respect of permitted convertible indebtedness, permitted bond hedge transactions and permitted warrant transactions

Category โ€“ Industry News Tags โ€“ Huron Consulting, Bank of America