Daily News: April 9, 2015

JPMorgan Amends CTPartners Facility

CTPartners entered into a $12.5 million aggregate principal amount second lien note purchase agreement with a publicly traded insurance company and an affiliate. In connection with the entry into the note purchase agreement, the company entered into an amendment to its credit facility with JPMorgan Chase.

Proceeds will be used for general corporate purposes and working capital needs and will support the Company’s operating strategy going forward.

The notes are issuable in two tranches of $6.25 million with the first tranche expected to close on or before April 10, 2015. The second tranche of $6.25 million is scheduled to close 90 days after the first funding, subject to certain conditions set forth in the Note Purchase Agreement. The notes bear interest at an adjusted LIBOR rate (as defined in the Note Purchase Agreement) which is currently approximately 9% and mature in 2020.

CTPartners is a global executive search firm.