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Hill International Closes $165MM Debt Refinancing With Société Générale

September 29, 2014, 07:23 AM
Filed Under: Construction

Hill International has successfully closed a refinancing of the company's senior debt facilities with Société Générale. This transaction, which was arranged by SG Americas Securities, LLC, the U.S. broker-dealer affiliate of Société Générale Corporate and Investment Banking, has provided senior secured debt facilities to Hill in the aggregate principal amount of $165.0 million.

The debt facilities consist of a six-year term loan facility of $120.0 million and five-year revolving credit facilities totaling $45.0 million. The revolving credit facilities include a $30.0 million U.S. dollar-denominated facility made available to Hill and a $15.0 million Euro-denominated facility made available to Hill's subsidiary Hill International N.V.  The revolving credit facilities also include a $35.0 million sub-limit for letters of credit with $25.0 million allocated to the U.S. revolver and $10.0 million allocated to the international revolver.

The net proceeds of the new debt facilities were used to pay off and terminate Hill's previous senior credit facility with a bank group led by Bank of America, N.A. and a previous second lien term loan with funds managed by Tennenbaum Capital Partners, LLC.

Hill was advised on this transaction by investment bank Houlihan Lokey and by law firm Duane Morris LLP. Société Générale was advised on this transaction by law firm Milbank, Tweed, Hadley & McCloy LLP.

"We are very excited about our new lending relationship with Société Générale," said David L. Richter, Hill's President and Chief Operating Officer. "These new debt facilities will significantly lower our interest expense going forward and give us the available working capital we need to continue our global growth and expansion," added Richter.

Hill International, with 4,500 employees in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the ninth largest construction management firm in the United States.

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