FTI obtains $150 million amended and restated revolver

New York, Oct. 2 - FTI Consulting, Inc. entered into a $150 million amended and restated revolving credit facility via Banc of America Securities as lead arranger and bookrunner, Bank of America, NA as administrative agent, SunTrust Bank as syndication agent and Wachovia Bank, NA as documentation agent.

The new facility matures on Sept. 30, 2011 and bears interest at an initial rate of Libor plus 225 basis points.

Once a compliance certificate is delivered, interest will depend on consolidated net total leverage. For leverage above 3.50:1, the rate will be Libor plus 250 bps with a 50 bps commitment fee; for leverage above 3.00:1 and no more than 3.50:1, the rate will be Libor plus 225 bps with a 37.5 bps commitment fee; for leverage above 2.50:1 and no more than 3.00:1, the rate will be Libor plus 200 bps with a 37.5 bps commitment fee; for leverage above 2.00:1 and no more than 2.50:1, the rate will be Libor plus 175 bps with a 25 bps commitment fee; for leverage above 1.50:1 and no more than 2.00:1, the rate will be Libor plus 150 bps with a 25 bps commitment fee; and for leverage at 1.50:1 and below the rate will be Libor plus 125 bps with a 25 bps commitment fee.

The facility, which was effective Sept. 29, also has adjusted covenants. These now:

• Limit consolidated total leverage to no more than 4.25:1 at the end of any fiscal quarter;

• Require consolidated net worth at the end of any fiscal quarter of at least 90% of consolidated net worth as of June 30, 2006 pro forma for the acquisition of FD International (Holdings) Ltd., increased by 50% of cumulative consolidated net income for every fiscal quarter starting Sept. 30, 2006, plus 100% of the proceeds of any equity issuances after closing, minus restricted payments;

• Set a minimum consolidated fixed charge coverage ratio at the end of any fiscal quarter of 1.5:1.0;

• Fix the maximum consolidated senior leverage ratio at 3.25:1.0.

FTI is a Baltimore-based provider of restructuring, corporate finance and economic consulting services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.