Heidrick & Struggles secures $100 million credit facility

Heidrick & Struggles International Inc. (NASDAQ:HSII) has entered into a significant amendment to its existing credit agreement, according to a recent filing with the U.S. Securities and Exchange Commission. On Monday, the executive search firm expanded its financial flexibility by securing a $100 million revolving credit facility.

This new credit arrangement, which includes a $25 million sublimit for letters of credit and a $10 million sublimit for swingline loans, also features a $75 million expansion capability. The maturity of the facility has been extended to March 17, 2030, from its previous date of July 13, 2026.

The amendment was made with Bank of America, N.A., serving as the administrative agent, along with other participating lenders. The credit facility will support Heidrick & Struggles’ working capital needs, capital expenditures, permitted acquisitions, restricted payments, and other general corporate purposes.

Certain subsidiaries of Heidrick & Struggles guarantee the obligations under the credit agreement, which may also be secured by equity interests in some of the company’s subsidiaries.

The announcement comes as part of the company’s ongoing efforts to maintain a strong financial position and support its strategic initiatives. This move is expected to provide Heidrick & Struggles with increased operational flexibility to navigate the dynamic market conditions.

This information is based on the company’s 8-K filing and reflects the company’s latest financial arrangements as it continues to grow its operations and service offerings.

In other recent news, Heidrick & Struggles International reported impressive financial results for Q4 2024, with earnings per share (EPS) reaching $1.08, significantly surpassing the anticipated $0.64. The company’s revenue also exceeded expectations, totaling $276.2 million compared to the forecasted $261.03 million. This strong performance reflects a 9.1% increase in revenue year-over-year, driven by organic growth across all service lines, particularly in financial services and healthcare. Heidrick & Struggles also reported a full-year revenue of $1.1 billion, marking a 7% increase from 2023. The company anticipates continued growth, projecting Q1 2025 revenue between $263 million and $273 million. Analysts have noted the company’s robust performance, with Truist Securities and Barrington Research highlighting the positive demand trends across all service sectors. Heidrick & Struggles continues to focus on strategic initiatives, including investment in technology and digital products, to enhance its service offerings and maintain its competitive edge.

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