Heidrick & Struggles Increases Bank Credit Lines
July 2, 2015 – Executive search firm Heidrick & Struggles has increased its bank credit facilities in order to give the company additional financial options as it explores ways to further invest in its human capital lines of business. The agreement provides for a senior unsecured revolving credit facility in an aggregate amount of $100 million, with an optional increase in the credit facility up to $150 million. Previously, Heidrick had a $75 million revolving credit facility and $26.5 million outstanding on a term loan facility. With this new agreement, it increases its revolving credit facility from $75 million to $100 million. The revolving credit facility matures in five years, on June 30, 2020.
“We are pleased with our banking partners’ confidence in Heidrick & Struggles’ financial strength,” said Richard W. Pehlke, Heidrick & Struggles’ CFO. “The increase and extension of our credit facility, combined with our balance sheet and capital structure, provide Heidrick with total financial flexibility as we continue to invest in our business and pursue our growth strategy.”
“Given this development, and DHR’s recent M&A activity with CTPartners and Caldwell Partners, it suggests to me that executive search firms are gearing up for further growth via acquisitions,” said Scott A. Scanlon, CEO of Hunt Scanlon Media.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media
