ICF International amended its credit facility with PNC Bank as administrative agent.
According to a related 8-K filing, PNC Capital Markets, Citizens Bank, and Wells Fargo Securities were joint lead arrangers.
The amended loan agreement provides for a revolving line of credit of up to $600 million (same amount as the Existing Loan Agreement) with additional revolving credit commitments of up to $300 million (same amount as the existing loan agreement), a new secured term loan facility of $200 million and a sub-limit of $75 million for swing line loans (an increase from $25 million from the existing loan agreement).
The leverage ratio has been increased from 3.75 to 1.0 under the existing loan agreement to 4.0 to 1.0 under the amended loan agreement (with the leverage ratio to be stepped up to 4.25 to 1 for the four fiscal quarters following either (a) a permitted acquisition with a purchase price exceeding $50 million, or (b) a series of permitted acquisitions (within the same fiscal quarter) with an aggregate purchase price exceeding $75 million). The amended loan agreement has a term of five years from the closing date, at which time all outstanding borrowings must be repaid and all outstanding letters of credit must have been terminated or cash collateralized.
The amended loan agreement maintains its first priority perfected security interest in 65% of the stock of all material foreign subsidiaries. The amended loan agreement continues the requirement that each material domestic subsidiary serve as guarantor under the terms of the amended loan agreement.
ICF International is a global consulting and technology services company headquartered in Fairfax, VA.
