ICF (NASDAQ:ICFI), announced it has signed an amendment and extension to its credit facility to allow for borrowings of up to $900 million. PNC Capital Markets LLC, Citizens Bank, N.A. and Wells Fargo Securities acted as joint lead arrangers.
The amended facility provides additional financing capacity, improvements to the pricing grid, and greater covenant flexibility that will enhance ICF’s ability to do acquisitions, share repurchases and other strategic investments. The five-year senior secured credit agreement permits revolver borrowings up to $600 million and has an accordion feature that would allow the facility to expand by an additional $300 million. The term of the new agreement will expire on May 17, 2022.
“This amended credit facility provides us additional capacity and flexibility to take advantage of acquisition opportunities to complement the organic growth of our business and help further shareholder returns while lowering our borrowing costs,” said Sudhakar Kesavan, ICF’s Chairman and Chief Executive Officer.
ICF (NASDAQ:ICFI) is a global consulting services company with approximately 7,500 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.
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