FTI Consulting (NYSE: FCN) amended and restated its senior unsecured credit facility, increasing the revolving line of credit from $900 million to $1.5 billion and extending maturity from November 21, 2027 to June 30, 2031.
The agreement follows an S&P Global investment grade upgrade and introduces more favorable ratings-based pricing and covenants, enhancing financial flexibility for working capital, capital expenditures, debt actions, permitted acquisitions and other investments.
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Positive
Revolving credit facility increased from $900 million to $1.5 billion
Maturity extended from November 21, 2027 to June 30, 2031
Improved ratings-based pricing terms after investment grade upgrade by S&P Global
More favorable restricted payment, debt and other covenants increase financial flexibility
Negative
None.
News Market Reaction – FCN
+0.26%
+0.26%Session close to close
In the Jul 1 session, FCN gained 0.26%, reflecting a mild positive market reaction.
This announcement materially increases FCN’s revolving capacity to $1.5 billion and extends maturity...
Analysis
This announcement materially increases FCN’s revolving capacity to $1.5 billion and extends maturity, complementing a fresh $370.0M buyback authorization. Combined with net insider buying, the balance sheet flexibility is higher, though future leverage use remains a key watchpoint.
Key Figures
Prior revolver size:$900.0 millionNew revolver size:$1.5 billionBuyback authorization:$370.0 million+5 more
8 metrics
Prior revolver size$900.0 millionPrevious revolving line of credit under prior facility
New revolver size$1.5 billionTotal available revolving credit facility after Third A&R Credit Agreement
Buyback authorization$370.0 millionAdditional stock repurchase authorization from June 3, 2026
Shares repurchased19.1 million sharesTotal shares repurchased since June 2016
Total buyback spend$2.1 billionAggregate cost of repurchases since 2016
Average repurchase price$107.94Average price paid for repurchased shares since 2016
Remaining buyback capacity$507.4 millionRemaining authorization under stock repurchase program
Market cap$4,554,764,897Equity value prior to revolver amendment announcement
"increasing the total available revolving credit facility and extending the maturity"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
senior unsecured credit facilityfinancial
"entered into the third amendment and restatement of its senior unsecured credit facility"
A senior unsecured credit facility is a bank loan or line of credit that a company can draw on for cash needs but that is not backed by specific assets; ‘senior’ means it gets paid before junior or subordinated debts if the company defaults. Think of it as a prioritized IOU from banks without a pledged asset as collateral. Investors watch this because it affects a company’s short‑term liquidity, borrowing cost and the order in which creditors are repaid in distress, all of which influence credit risk and equity value.
investment gradefinancial
"upgrade of FTI Consulting’s credit rating by S&P Global to investment grade in October 2024"
A credit rating label assigned to bonds or borrowers that signals relatively low risk of default; think of it as a strong health check for a company's or government's ability to repay debt. It matters to investors because investment-grade status typically means lower interest costs for the borrower, greater eligibility for conservative funds and pension portfolios, and generally more stable returns compared with higher-risk, non-investment-grade debt.
"includes more favorable restricted payment, debt and certain other restrictive covenants"
A restricted payment is a specific cash or value transfer a company is contractually barred from making without lender or bondholder permission, typically including dividends, share buybacks, certain investments, or payments on subordinated debt. For investors it signals legal limits on how the firm can use its cash—like needing the bank’s OK before spending household savings—so it affects potential returns, liquidity and covenant risk.
covenantsregulatory
"more favorable restricted payment, debt and certain other restrictive covenants, taken as a whole"
Covenants are rules written into loan or bond contracts that require a company to do or avoid certain things—like keeping debt below a set level or not selling key assets. They matter to investors because they protect lenders and influence a company’s flexibility: tight covenants can limit growth plans but lower default risk, while loose covenants give freedom but increase credit risk, similar to how household rules affect a family’s budget choices.
Enhanced Flexibility with Revolving Line of Credit Increasing from $900 Million to $1.5 Billion
WASHINGTON, July 01, 2026 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced that it entered into the third amendment and restatement of its senior unsecured credit facility (the “Third A&R Credit Agreement”), increasing the total available revolving credit facility and extending the maturity, while enhancing overall financial flexibility with improved pricing. The Third A&R Credit Agreement increases the revolving line of credit from $900.0 million to $1.5 billion and extends the maturity date from November 21, 2027, to June 30, 2031. Following the upgrade of FTI Consulting’s credit rating by S&P Global to investment grade in October 2024, the Third A&R Credit Agreement provides more favorable ratings-based pricing terms, and also includes more favorable restricted payment, debt and certain other restrictive covenants, taken as a whole (while also removing certain other restrictive covenants in their entirety) to provide the Company with more financial flexibility than under its previous credit agreement. BofA Securities, Inc., JPMorgan Chase Bank, N.A., HSBC Securities (USA) Inc., PNC Capital Markets LLC and TD Bank N.A. acted as joint lead arrangers and joint book managers. Borrowings under the Third A&R Credit Agreement may be used to finance working capital and for capital expenditures, other general corporate purposes, certain repayments, redemptions and repurchases of indebtedness, and permitted acquisitions and other investments.
Angela Nam, Chief Financial Officer of FTI Consulting, commented, “On behalf of FTI Consulting, I would like to express my appreciation to our existing lenders and new participants for their confidence in FTI Consulting. The increased size, extended maturity and improved pricing strengthen our financial position and provide meaningful flexibility as we remain focused on disciplined capital allocation and delivering long-term value for shareholders.”
About FTI Consulting
FTI Consulting, Inc. is a leading global expert firm for organizations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of March 31, 2026. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. The Company generated $3.8 billion in revenues during fiscal year 2025. More information can be found at www.fticonsulting.com.
Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact, including among other things, statements about plans for common stock repurchases, are forward-looking statements. When used in this release, words such as “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon FTI Consulting’s expectations at the time it makes them and various assumptions. FTI Consulting’s expectations, beliefs and projections are expressed in good faith, and it believes there is a reasonable basis for them. However, there can be no assurance that management’s plans, expectations or forecasts will be achieved. Factors that could cause changes to FTI Consulting’s plans, expectations or forecasts include risks described under the heading “Item 1A Risk Factors” in FTI Consulting’s Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026, and in FTI Consulting’s other filings with the SEC. FTI Consulting is under no duty to update any of the forward-looking statements to conform such statements to actual results or events and does not intend to do so.
FTI Consulting, Inc. 555 12th Street NW Washington, DC 20004 +1.202.312.9100
Investor & Media Contact:
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com
FAQ
What change did FTI Consulting (NYSE: FCN) make to its revolving credit facility on July 1, 2026?
FTI Consulting increased its revolving credit facility to $1.5 billion and extended its maturity to June 30, 2031. According to FTI Consulting, this third amended and restated senior unsecured credit agreement also enhances financial flexibility through improved pricing and more favorable covenant terms.
How much did FTI Consulting increase its revolving credit line (FCN) in July 2026?
FTI Consulting raised its revolving credit line from $900 million to $1.5 billion. According to FTI Consulting, the expanded capacity can support working capital, capital expenditures, general corporate purposes, debt repayments or redemptions, and permitted acquisitions and other investments under the amended facility.
When does FTI Consulting’s amended revolving credit facility (FCN) now mature?
The amended revolving credit facility now matures on June 30, 2031, extended from November 21, 2027. According to FTI Consulting, this longer maturity profile supports its focus on disciplined capital allocation and maintaining flexibility for long-term strategic and financing needs.
How did FTI Consulting’s investment grade rating from S&P affect its credit facility pricing?
The investment grade upgrade enabled more favorable ratings-based pricing terms in the new credit agreement. According to FTI Consulting, the third amended and restated facility also includes more favorable restricted payment, debt and other covenants, while removing certain restrictive covenants to improve overall flexibility.
What can FTI Consulting (FCN) use the expanded $1.5 billion revolving facility for?
Borrowings may be used for working capital, capital expenditures and general corporate purposes. According to FTI Consulting, permitted uses also include certain repayments, redemptions and repurchases of indebtedness, as well as permitted acquisitions and other investments under the Third Amended and Restated Credit Agreement.
Which banks arranged FTI Consulting’s Third Amended and Restated Credit Agreement (FCN)?
BofA Securities, JPMorgan Chase Bank, HSBC Securities (USA), PNC Capital Markets and TD Bank acted as joint lead arrangers. According to FTI Consulting, these institutions also served as joint book managers for the enlarged and extended senior unsecured revolving credit facility.
