ICF International, a provider of consulting services and technology solutions to government and commercial clients, announced it has signed an amendment to its credit facility to allow for borrowings of up to $500 million. RBS Citizens, and PNC Capital Markets acted as joint lead arrangers and joint bookrunners. Citizens Bank of Pennsylvania acted as administrative agent and lender, and PNC Bank acted as syndication agent and lender.

The amended facility enhances the company’s strong capital position and financial flexibility, providing an increased ability to drive growth organically and through strategic acquisitions.

The five-year senior secured credit agreement permits revolver borrowings of up to $400 million and has an accordion feature that would allow the facility to expand by an additional $100 million. The interest rate for all borrowings under the facility will be at a variable rate initially equal to the London Interbank Offered Rate, or LIBOR, plus 150 basis points per annum, and may change based on the company’s total leverage ratio as described in the credit agreement. This facility is subject to affirmative, negative, and financial covenants that are customary for this type of agreement. The covenants have been amended to provide for less restrictive financial and negative covenants, as well as allowing for stock repurchases.

“This amended credit facility provides us with additional flexibility to take advantage of acquisition opportunities to complement the organic growth of our business and help further shareholder returns. Along with our strong cash flow, the facility enhances our mergers and acquisition program, where we continue to serve as an excellent growth platform for companies that are operating in high-priority commercial and government areas,” said ICF International chairman and CEO Sudhakar Kesavan.