Huron Consulting Group Amends and Restates Senior Secured Credit Facility
April 02 2015 - 07:55AM
Business Wire
Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider
of business consulting services, today announced it has amended and
restated its senior secured credit facility.
Among other items, the amended and restated credit facility:
- Eliminates the term loan and increases
the revolving line of credit from $247.5 million to $500
million
- Increases the maximum permitted
consolidated leverage ratio (as defined in the amended and restated
credit facility) throughout the term and extends the maturity date
from September 25, 2018 to March 31, 2020
- Lowers the interest rate spread by 25
to 50 basis points on pricing tiers for consolidated leverage
ratios above 1.00 to 1.00
“The amended and restated credit facility provides us with the
capacity and flexibility to support our strategic long-term goals
for growth,” said C. Mark Hussey, chief operating officer and chief
financial officer, Huron Consulting Group. “It also allows us
to take advantage of the current credit market and obtain more
favorable pricing through 2020. We are delighted to continue
our strong relationships with Bank of America and JPMorgan Chase,
and are very pleased with the ongoing support from our syndicate of
lenders.”
The Company intends to file a Form 8-K with the Securities and
Exchange Commission providing additional detail regarding the
amended and restated credit facility. 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, analytics, 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 450 health systems, hospitals, and academic
medical centers; more than 400 corporate general counsel; and more
than 400 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, 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. Some of the factors that
could cause actual results to differ materially from the
forward-looking statements contained herein include, without
limitation: failure to achieve expected utilization rates, billing
rates and the number of revenue-generating professionals; inability
to expand or adjust our service offerings in response to market
demands; our dependence on renewal of client-based services;
dependence on new business and retention of current clients and
qualified personnel; failure to maintain third-party provider
relationships and strategic alliances; inability to license
technology to and from third parties; the impairment of goodwill;
various factors related to income and other taxes; difficulties in
successfully integrating the businesses we acquire and achieving
expected benefits from such acquisitions; risks relating to
privacy, information security, and related laws and standards; and
a general downturn in market conditions. These forward-looking
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, 2014, 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 Husseyinvestor@huronconsultinggroup.com
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