Heidrick & Struggles International entered into a significant amendment to its existing credit agreement, according to a recent filing with the U.S. Securities and Exchange Commission. On Monday, the executive search firm expanded its financial flexibility by securing a $100 million revolving credit facility.
This new credit arrangement, which includes a $25 million sublimit for letters of credit and a $10 million sublimit for swingline loans, also features a $75 million expansion capability. The maturity of the facility has been extended to March 17, 2030, from its previous date of July 13, 2026.
The amendment was made with Bank of America serving as the administrative agent, along with other participating lenders. The credit facility will support Heidrick & Struggles’ working capital needs, capital expenditures, permitted acquisitions, restricted payments, and other general corporate purposes.
Certain subsidiaries of Heidrick & Struggles guarantee the obligations under the credit agreement, which may also be secured by equity interests in some of the company’s subsidiaries.
The financing arrangement follows Heidrick & Struggles’ strong Q4/24 financial results, with earnings per share reaching $1.08, significantly surpassing the anticipated $0.64. The company’s revenue also exceeded expectations, totaling $276.2 million compared to the forecasted $261.03 million, reflecting a 9.1% increase year-over-year. For the full year 2024, the company reported revenue of $1.1 billion, a 7% increase from 2023.
For more details on Heidrick & Struggles’ credit agreement and recent financial performance, read the full SEC filing.