ICF International Announces Significant Expansion of Credit Facility to $350 Million
Fairfax, Virginia, February 21, 2008 -
ICF International (NASDAQ:ICFI) announced today it has signed an amendment to its credit facility to allow for borrowings of up to $350 million. The second amended and restated Business Loan and Security Agreement will be filed with the Securities and Exchange Commission on Form 8-K and provides for the following modified terms:
- Increase in the revolving credit facility from $125 million to $275 million;
- New accordion feature permitting additional revolving credit commitments up to $75 million, subject to bank approval;
- Total capacity of $350 million between revolving facility commitment and the incremental revolving facility commitment;
- Favorable pricing grid that lowers the applicable interest rate margins as compared to the existing pricing grid;
- Removes a borrowing base requirement and provides for less restrictive financial covenants;
- New 5-year commitment to February 20, 2013; and
- Permits more flexibility to allow the ICF to grow and to make potential acquisitions.
“This represents a significant expansion to our senior credit facility from $125 million to a potential $350 million,” said Alan Stewart, ICF’s chief financial officer. “The increased borrowing capacity will fund our working capital growth needs and our acquisition strategy.”
RBS Greenwich Capital acted as the sole and exclusive lead arranger and sole and exclusive book running manager of the oversubscribed financing. Citizens Bank of Pennsylvania acted as administrative agent for the bank syndication that includes: Bank of America, N.A., as syndication agent; Citibank, NA, and SunTrust Bank as co-documentation agents; and Commerce Bank, N.A., Branch Bank & Trust Company, HSBC Bank USA, PNC Bank, N.A., and Chevy Chase Bank, N.A., as lenders.
About ICF International
ICF International (NASDAQ: ICFI) partners with government and commercial clients to deliver consulting services and technology solutions in the energy, climate change, environment, transportation, social programs, health, defense, and emergency management markets. The firm combines passion for its work with industry expertise and innovative analytics to produce compelling results throughout the entire program life cycle, from analysis and design through implementation and improvement. Since 1969, ICF has been serving government at all levels, major corporations, and multilateral institutions. More than 3,000 employees serve these clients worldwide. ICF's Web site is www.icfi.com.
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