Huron Consulting Group amended its senior secured credit facility. According to a related 8-K filing, Bank of America served as both administrative and collateral agent on the transaction.
Among other things, the amendment:
- Extends the maturity date from March 31, 2020 to March 23, 2023
- Increases the maximum permitted consolidated leverage ratio (as defined in the amended credit facility) throughout the term
- Increases the allowable aggregate amount of increases to the revolving line of credit or new or additional term loans from $100 million to $150 million
- Increases the base amount of allowable restricted payments when the consolidated leverage ratio is greater than 3.00 to 1.0 from $50 million to $75 million
- Makes certain changes to the definition of consolidated EBITDA
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“The amended credit facility provides us with the capacity and flexibility to support our new vision and enterprise strategy, which we believe will deliver sustainable organic revenue growth over time,” said John D. Kelly, chief financial officer of Huron. “We are thrilled to have the continued support for our company and our strategic direction from our syndicate of lenders and are pleased to continue our strong relationships with Bank of America and JPMorgan Chase.”
Huron is a global professional services firm committed to achieving sustainable results in partnership with its clients. It focuses on the healthcare, higher education, life sciences and commercial sectors.
