Hackett Group upsizes to $100 million revolver with five-year tenor

By Wendy Van Sickle

Columbus, Ohio, Nov. 8 – Hackett Group, Inc. entered into a third amended and restated credit agreement on Nov. 7 with Bank of America, NA as administrative agent to provide for an up to $100 million revolver maturing in five years, according to an 8-K filing with the Securities and Exchange Commission.

The maximum revolver size is an increase of $55 million over the size prior to the restatement.

Borrowings bear interest at the Bloomberg Short-Term Bank Yield index rate plus a margin ranging from 150 basis points to 225 bps, depending on consolidated leverage ratio. The initial margin is 175 bps.

A fee on unused commitment ranges from 12.5 bps to 50 bps, depending on consolidated leverage ratio, and is initially 25 bps.

Hackett must maintain a consolidated fixed charge coverage ratio of at least 1.5x and a consolidated leverage ratio of not more than 3.5x.

BofA Securities is the lead arranger and bookrunner.

Proceeds may be used for general corporate purposes.

The benchmarking, research advisory and strategic consultancy firm is based in Miami.

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