Charles River Associates has increased and extended its credit facility through a six-bank lending syndicate. The five-year facility provides up to $400 million of financing, consisting of a $75 million term loan and a $325 million revolving credit facility.
The revolving facility can be reduced to $250 million between July 16 and January 15 each year, when CRA’s working-capital requirements are typically lower. The company may also elect not to restore the revolving commitment to $325 million during the following six-month period.
The new agreement replaces a $300 million revolving facility that was scheduled to mature in August 2027.
CRA will use the proceeds to repay outstanding borrowings under the prior facility, support working capital, invest in continued growth and fund other general corporate purposes.
The lending group includes longtime banking partners Bank of America, Citizens Financial Group, Eastern Bank, and Beacon Bank & Trust. BMO and M&T Bank joined the syndicate as new lenders.
The expanded facility provides CRA with additional liquidity and financial flexibility as the consulting firm invests in its global economic, financial and management advisory operations.
KEY QUOTE:
“With the support of this expanded bank group, the credit facility will enable CRA to continue investing in the business for profitable growth in the years ahead.”
Paul Maleh, President and Chief Executive Officer of Charles River Associates
