Business Services Industry
Hill International Increases Revolving Credit Facility with LaSalle Bank to $35 Million
Business Wire, Oct 15, 2007
MARLTON, N.J. -- Hill International (Nasdaq:HINT), the worldwide construction consulting firm, announced today that it has entered into an amended loan and security agreement with LaSalle Bank N.A. pursuant to which Hill has increased its secured revolving credit facility from $25.0 million to $35.0 million.
Hill intends to use its availability under the expanded facility for ongoing working capital needs, for letter of credit obligations and for acquisitions. The amendment extended the term of the facility by one year, and it now expires on January 1, 2011. The amendment also increased Hill's letter of credit subfacility from $10.0 million to $20.0 million.
"We increased our credit facility with LaSalle to give us greater borrowing capacity in order to fund our continuing growth," said Irvin E. Richter, Hill's Chairman and Chief Executive Officer. "The construction industry specialists at LaSalle understand our credit needs and we appreciate their willingness to allow our credit line to grow as we grow," Richter added.
LaSalle Bank, the largest bank headquartered in Chicago with total assets of $75 billion, serves individuals, small businesses, middle-market companies and institutions. LaSalle Bank is a subsidiary of Bank of America Corporation (NYSE:BAC), one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. For more information on LaSalle Bank, please visit their website at www.lasallebank.com.
Hill International, with 1,500 employees in 70 offices worldwide, provides program management, project management, construction management, and construction claims services. Engineering News-Record magazine recently ranked Hill as the 10th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
This press release may include certain statements that fall within the definition of "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, overall economic and market conditions, competitors' and clients' actions, and other conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in Hill's filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by Hill is only a statement of management's belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management's belief, and Hill does not undertake to update publicly its predictions, whether as a result of new information, future events or otherwise.
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