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BofA Securities, Others Arrange Revolving Line of Credit Increase to $900MM for FTI Consulting

November 23, 2022, 07:14 AM
Filed Under: Consulting Services

FTI Consulting entered into the second amendment and restatement of its senior secured revolving credit facility. The Second Amended and Restated Credit Agreement increases the revolving line of credit from $550.0 million to $900.0 million, extends the maturity date from November 30, 2023 to November 21, 2027, replaces USD LIBOR with, at the Company’s option, Term SOFR and Daily Simple SOFR, GBP LIBOR with SONIA, and EUR LIBOR with EURIBOR, and amends certain financial, investment, restricted payment, debt and other covenants to provide the Company with more financial flexibility.

BofA Securities, JPMorgan Chase Bank, HSBC Securities (USA) and Truist Securities acted as joint lead arrangers and joint book managers. The Second Amended and Restated Credit Agreement further provides that, upon the consent of the Company and the Required Lenders (as defined therein), the Second Amended and Restated Credit Agreement may be amended, at the Company’s election, to include pricing adjustments based on certain Environmental, Social and Governance (ESG)-related Key Performance Indicators to be established by the Company in consultation with the Sustainability Coordinator (as defined therein). Borrowings under the Second Amended and Restated Credit Agreement may be used to finance working capital and for capital expenditures, other general corporate purposes, permitted acquisitions and other investments.

Ajay Sabherwal, Chief Financial Officer and Treasurer of FTI Consulting, commented, “I would like to thank both our existing lenders and new participants for their confidence in FTI Consulting and our business objectives by committing to this expanded facility in a turbulent market. It is a testimonial to the resilient and growing business that our professionals have built.”

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