BofA Agents Booz Allen Hamilton Loan Repricing
Booz Allen Hamilton Holding announced that its wholly owned subsidiary, Booz Allen Hamilton Inc. closed the first amendment to its credit agreement dated as of July 31, 2012.
With no increase in borrowing, the amendment includes a reduction in the interest rate applicable to the company’s $1.017 billion of term loan B loans, and amendments to other terms of the agreement which provide for greater operational and financial flexibility for the company.
According to the company’s 8-K filing, Bank of America served as administrative agent, collateral agent and new refinancing tranche B term lender in connection with the repricing.
The new interest rate for the outstanding indebtedness under term loan B is reduced to LIBOR +3.0% with a 0.75% LIBOR floor from LIBOR +3.5% with a 1.0% LIBOR floor. The rates for term loan A loans outstanding under the company’s credit agreement remain unchanged.
Booz Allen Hamilton is a provider of management consulting, technology and engineering services to the U.S. government in defense, intelligence and civil markets, as well as major corporations, institutions and not-for-profit organizations.