Citizens Bank of PA Agents ICF International Facility Amendment
ICF International announced it signed and closed a new amendment and extension of its credit facility, which continues to allow for borrowings of up to $500 million. The new amendment reflects the company’s strong capital position and financial flexibility, providing an ongoing ability to drive growth organically and through strategic acquisitions inside and outside of the United States.
Citizens Bank of Pennsylvania acted as administrative agent, and RBS Citizens and PNC Capital Markets acted in the capacity of joint lead arrangers and joint book running managers.
The new amendment amends the senior secured credit agreement signed in March 2012. The term of the new credit agreement will expire on May 16, 2019, and continues to permit revolver borrowings of up to $400 million along with an accordion feature that would allow the facility to expand by an additional $100 million. The new amendment will allow ICF to borrow in certain foreign currencies and to enter into local financial arrangements for its foreign subsidiaries. The agreement also provides ICF with more flexibility for other financial obligations and allows the company to expand its stock repurchase program.
“This amended credit facility provides us with additional flexibility to take advantage of acquisition opportunities outside of the U.S. and continues to offer ICF borrowings under the facility at favorable rates,” said ICF International chairman and CEO Sudhakar Kesavan. “Along with our strong cash flow, the facility enhances our mergers and acquisitions program, where we continue to serve as an excellent growth platform for companies that are operating in high-priority commercial and international areas.”
ICF International provides professional services and technology solutions.