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FTI Consulting may retire $400 million 6¾% notes due 2020 by Oct. 1
By Susanna Moon
Chicago, June 30 – FTI Consulting, Inc. intends to retire its $400 million 6¾% notes due 2020 by Oct. 1 using loan drawdowns and cash on hand, according to an 8-K filing with the Securities and Exchange Commission.
The company is not making a commitment to retire the notes at this time, however, and the redemption will be subject to approval by the company’s board of directors, the filing noted.
The company obtained a $550 million senior secured revolving line of credit due June 26, 2020.
Interest on the loans is initially Libor plus 175 basis points with a spread of Libor plus 137.5 bps to 200 bps, based on leverage.
Proceeds also will be used for working capital, capital expenditures and general corporate purposes, including for acquisitions.
FTI is a business advisory firm based in West Palm Beach, Fla.
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