Daily News: September 20, 2013

BofA Agents Navigant Credit Facility Maturity Extension

Navigant announced the signing of an amendment to its credit agreement extending the maturity date of its $400 million revolving credit facility by more than two years, through September 19, 2018.

Bank of America served as administrative agent under the credit agreement. Merrill Lynch, Pierce, Fenner & Smith acted as sole lead arranger and book manager to structure, arrange and syndicate the amendment to the credit agreement.

“The extended credit facility provides Navigant additional financial flexibility as we continue to focus on growing our operations and increasing profitability. We are pleased with the confidence expressed by our lenders in the long-term success of our business,” said Lucinda M. (Cindy) Baier, executive vice president and chief financial officer, Navigant. “This amendment is a reflection of our strong cash flows and disciplined capital allocation strategy which includes reducing indebtedness. Of note, we lowered our bank debt from $203.0 million as of December 31, 2010 to $128.1 million as of June 30, 2013. We have improved our leverage ratio even as we have continued to invest in growth and return cash to shareholders through our current share repurchase program.”

Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities.