Charles River Associates (CRA), a provider of economic, financial and management consulting services, entered into a new and expanded revolving credit facility with a bank syndicate comprised of five lenders. The five-year facility is for an aggregate principal amount of up to $250 million, which amount may be decreased at CRA’s option to $200 million from July 16 through January 15 of each year when CRA’s working capital needs are typically diminished. The facility replaces CRA’s existing revolving credit facility, which was originally for an aggregate principal amount of up to $125 million and increased to $175 million last year, and was scheduled to mature in October 2022. Proceeds of the new revolving credit facility will be used to repay outstanding amounts under the existing revolving credit facility and will provide working capital to support continued growth in the business and fund other general corporate purposes.
“We are pleased to welcome TD Bank, Eastern Bank and Brookline Bank to CRA’s team of banking partners, which has long included Bank of America and Citizens Financial Group,” Paul Maleh, president and CEO of CRA, said. “With the support of this expanded bank group, the new facility provides added financial flexibility and enables CRA to continue investing in the business for profitable growth. In addition to supporting CRA’s working capital needs, the facility also delivers improved financial covenants and pricing.”