Daily News: October 19, 2012

BofA, Others Amend Hill International $100 Million Facility

Hill International, a provider in managing construction risk, announced that it has raised $75 million in gross proceeds, or approximately $71.5 million in net proceeds, from a four-year, second lien term loan pursuant to a credit agreement entered into with funds managed by Tennenbaum Capital Partners (TCP).

Hill also amended its $100 million senior credit facility with a consortium of banks led by Bank of America. The amended senior credit facility now has a maximum borrowing limit of $65 million, but an increased letter of credit sublimit facility of $45 million and an extended term ending March 31, 2015. Bank of America is a member of the lending consortium and the administrative agent for the senior credit facility. Other banks involved in the consortium are The Private Bank & Trust Co., PNC Bank and Capital One.

“This new financing from TCP has significantly improved Hill’s liquidity and provided us with the capital we need to continue our growth,” said Irvin E. Richter, Hill’s chairman and CEO. “As importantly, it has given us the ability to pay down our senior credit facility to a more manageable level and extend its term, without any dilution to our stockholders,” added Richter.

Hill was advised on the transaction by investment bank Houlihan Lokey Capital and by law firm Duane Morris. TCP was advised by law firm Schulte Roth & Zabel. The lending consortium was advised by law firm Katten Muchin Rosenman.

Hill International provides program management, project management, construction management and construction claims and consulting services.