FTI Consulting entered into the third amendment and restatement of its senior unsecured credit facility, increasing the total available revolving credit facility and extending the maturity, while enhancing overall financial flexibility with improved pricing. The third A&R credit agreement increases the revolving line of credit from $900 million to $1.5 billion and extends the maturity date from Nov. 21, 2027, to June 30, 2031.
Following the upgrade of FTI Consulting’s credit rating by S&P Global to investment grade in October 2024, the third A&R credit agreement provides more favorable ratings-based pricing terms, and also includes more favorable restricted payment, debt and certain other restrictive covenants, taken as a whole (while also removing certain other restrictive covenants in their entirety) to provide the company with more financial flexibility than under its previous credit agreement.
BofA Securities, JPMorgan Chase Bank, HSBC Securities (USA), PNC Capital Markets and TD Bank acted as joint lead arrangers and joint book managers. Borrowings under the third A&R credit agreement may be used to finance working capital and for capital expenditures, other general corporate purposes, certain repayments, redemptions and repurchases of indebtedness, and permitted acquisitions and other investments.
“On behalf of FTI Consulting, I would like to express my appreciation to our existing lenders and new participants for their confidence in FTI Consulting,” Angela Nam, chief financial officer of FTI Consulting, said. “The increased size, extended maturity and improved pricing strengthen our financial position and provide meaningful flexibility as we remain focused on disciplined capital allocation and delivering long-term value for shareholders.”
