Charles River Associates (CRA) Announces Increase and Extension of Credit Facility
Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced an increase and extension to its existing credit facility with a bank syndicate comprised of six lenders. The five-year credit facility is for an aggregate principal amount of up to $400 million, consisting of a $75 million term loan and a $325 million revolving credit facility. The revolving credit facility may be decreased at CRA’s option to $250 million for the period of July 16 to January 15 of each year, during which time CRA’s working capital needs are typically diminished. Additionally, for the period of January 16 to July 15 of each year, CRA may elect not to increase the revolving credit facility from $250 million to $325 million.
The facility amends and increases CRA’s existing revolving credit facility, which was for an aggregate principal amount of up to $300 million and was scheduled to mature in August 2027. Proceeds will be used to repay outstanding amounts under the existing credit facility and will provide working capital to drive continued growth in the business and fund other general corporate purposes.
