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Charles River Associates (CRA) Announces Increase and Extension of Credit Facility

  • Charles River Associates (NASDAQ: CRAI) announced an increase & extension of its existing credit facility with a six-lender bank syndicate.
  • The new five-year facility provides up to $400 million in aggregate principal, comprising a $75 million term loan & a $325 million revolving credit facility.
  • CRA may reduce the revolving credit facility to $250 million between July 16 & January 15 annually due to lower working capital needs, or elect not to increase it from $250 million to $325 million between January 16 & July 15.
  • This agreement amends & increases the previous $300 million revolving facility scheduled to mature in August 2027.
  • Proceeds will repay outstanding amounts on the existing facility & fund working capital, continued business growth, & other general corporate purposes.
  • New banking partners BMO & M&T Bank joined the existing group of lenders, which includes Bank of America, Citizens Financial Group, Eastern Bank, & Beacon Bank & Trust.
  • CEO Paul Maleh stated the expanded facility supports financial flexibility & long-term profitable growth.
  • The press release includes standard forward-looking statement disclaimers regarding risks such as economic conditions, demand fluctuations, & regulatory changes.