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Charles River Associates (CRA) Announces New $250 Million Revolving Credit Facility
BOSTON--(BUSINESS WIRE)-- Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services,
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[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\nCharles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced a new and expanded revolving credit facility with a bank syndicate comprised of five lenders. The five-year facility is for an aggregate principal amount of up to $250 million, which amount may be decreased at CRA’s option to $200 million from July 16 through January 15 of each year when CRA’s working capital needs are typically diminished. The facility replaces CRA’s existing revolving credit facility, which was originally for an aggregate principal amount of up to $125 million and increased to $175 million last year, and was scheduled to mature in October 2022. Proceeds of the new revolving credit facility will be used to repay outstanding amounts under the existing revolving credit facility and will provide working capital to support continued growth in the business and fund other general corporate purposes.\n\n“We are pleased to welcome TD Bank, Eastern Bank and Brookline Bank to CRA’s team of banking partners, which has long included Bank of America and Citizens Financial Group,” said Paul Maleh, CRA’s President and Chief Executive Officer. “With the support of this expanded bank group, the new facility provides added financial flexibility and enables CRA to continue investing in the business for profitable growth. In addition to supporting CRA’s working capital needs, the facility also delivers improved financial covenants and pricing.”\n\nAbout Charles River Associates (CRA)\nCharles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook.\n\nSAFE HARBOR STATEMENT\n\nStatements in this p...