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FTI Consulting Completes New $350MM Senior Secured Revolving Credit Facility

November 28, 2012, 08:11 AM

FTI Consulting, a global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced that it has entered into a new five-year, $350.0 million senior secured revolving line of credit, which refinances its existing $250.0 million credit facility set to mature on September 25, 2015. Subject to certain conditions and at any time prior to maturity, the company will be able to invite existing and new lenders to increase the size of the facility up to a maximum of $425.0 million. The revolving credit facility has a maturity date of November 27, 2017.

The obligations of the company under the credit facility are guaranteed by substantially all of the company's domestic subsidiaries and secured by substantially all of the company's and its domestic subsidiaries' assets (including 65% of the issued and outstanding voting stock and 100% of the non-voting stock of each controlled foreign corporation owned by a domestic subsidiary guarantor).

Interest on the borrowings under the facility is payable, at the option of the company, at either a "Base Rate" or "LIBOR," in each case plus an applicable margin. Borrowings under the facility may be used for general corporate purposes of the company and its subsidiaries, including capital expenditures and permitted acquisitions, subject to certain limitations.

In connection with the revolving credit facility, Merrill Lynch, Pierce Fenner & Smith, J.P. Morgan Securities and HSBC Securities (USA), Inc. acted as joint lead arrangers. Bank of America is acting as administrative agent.

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