Huron Consulting Group Amends Senior Secured Credit Facility
September 03 2014 - 4:01PM
Business Wire
Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider
of business consulting services, today announced it has amended its
senior secured credit facility.
Among other terms, the amendment:
- Grants consent to the issuance of up to
$250 million in Permitted Convertible Indebtedness, Permitted Bond
Hedge Transactions and Permitted Warrant Transactions, as defined
in the amendment
- Modifies the consolidated leverage
ratio definition (consolidated funded debt/consolidated EBITDA),
through September 30, 2015, by subtracting unrestricted cash and
cash equivalents in excess of $25 million on deposit with the
administrative agent or lenders from consolidated funded debt
- Clarifies that consolidated funded debt
shall not include Permitted Bond Hedge Transactions or Permitted
Warrant Transactions for the purpose of the calculation of the
consolidated leverage ratio
- Amends the consolidated fixed charges
definition to exclude the upfront premiums payable in respect of
the Permitted Bond Hedge Transactions and any share
repurchases
- Eliminates the $75 million aggregate
restriction on permitted acquisitions
- Decreases the permitted unsecured
indebtedness basket from $250 million to $150 million
- Permits investments consisting of
Permitted Bond Hedge Transactions and Permitted Warrant
Transactions entered into in connection with Permitted Convertible
Indebtedness
- Permits payments to be made in respect
of Permitted Convertible Indebtedness, Permitted Bond Hedge
Transactions and Permitted Warrant Transactions
The Company intends to file a Form 8-K providing additional
detail of the amended credit agreement with the Securities and
Exchange Commission. When filed, the Form 8-K will be available on
the Company’s website at http://ir.huronconsultinggroup.com.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries
improve performance, transform the enterprise, reduce costs,
leverage technology, process and review large amounts of complex
data, address regulatory changes, recover from distress and
stimulate growth. Our professionals employ their expertise in
finance, operations, strategy and technology to provide our clients
with specialized analyses and customized advice and solutions that
are tailored to address each client's particular challenges and
opportunities to deliver sustainable and measurable results. The
Company provides consulting services to a wide variety of both
financially sound and distressed organizations, including
healthcare organizations, leading academic institutions, Fortune
500 companies, governmental entities and law firms. Huron has
worked with more than 425 health systems, hospitals, and academic
medical centers; more than 400 corporate general counsel; and more
than 350 universities and research institutions. Learn more at
www.huronconsultinggroup.com.
Statements in this press release that are not historical in
nature, including those concerning the Company’s current
expectations about its future requirements and needs, are
“forward-looking” statements as defined in Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by words such as “may,”
“should,” “expects,” “provides,” “anticipates,” “assumes,” “can,”
“will,” “meets,” “could,” “likely,” “intends,” “might,” “predicts,”
“seeks,” “would,” “believes,” “estimates,” “plans” or “continues.”
These forward-looking statements reflect our current expectations
about our future requirements and needs, results, levels of
activity, performance, or achievements, including, without
limitation, current expectations with respect to, among other
factors, utilization rates, billing rates, and the number of
revenue-generating professionals; that we are able to expand our
service offerings; that we successfully integrate the businesses we
acquire; and that existing market conditions continue to trend
upward. These statements involve known and unknown risks,
uncertainties and other factors, including, among others, those
described under “Item 1A. Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2013, that may cause
actual results, levels of activity, performance or achievements to
be materially different from any anticipated results, levels of
activity, performance or achievements expressed or implied by these
forward-looking statements. We disclaim any obligation to update or
revise any forward-looking statements as a result of new
information or future events, or for any other reason.
Huron Consulting GroupMedia Contact:Jennifer Frost
Hennagir312-880-3260jfrost-hennagir@huronconsultinggroup.comorInvestor
Contact:C. Mark HusseyorEllen
Wong312-583-8722investor@huronconsultinggroup.com
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