PPHC Announces New $105 Million Senior Secured Credit Facility

The financing provides acquisition capacity, including an immediate drawdown for Reevemark’s initial cash consideration.

Rhea-AI Summary

Public Policy Holding Company (PPHC) has entered into a $105 million senior secured credit facility with a U.S. commercial bank.

The five-year facility comprises a $65 million term loan and a $40 million revolving credit facility, maturing November 2, 2031. Proceeds will refinance existing debt and fund acquisitions, including an immediate drawdown for the initial cash consideration for Reevemark. Approximately $39.8 million was outstanding under existing facilities at September 30, 2026.

PPHC anticipates best-efforts syndication to increase the facility to $150 million in January 2027. An additional uncommitted accordion option of up to $50 million is subject to lender approval and applicable conditions. Interest is SOFR plus 185 to 230 basis points, based on net leverage. The facility carries a blanket lien over Group assets and guarantees from substantially all subsidiaries.

6 points · 1 major

MixediHow this balance works

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Rhea-AI Sentiment measures something else, the tone of the wording.

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1 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point$105 million five-year facility provides financing through a $65 million term loan and $40 million revolver. 34% of market cap
• Moderate pointNovember 2, 2031 maturity extends the debt maturity profile; PPHC describes the financing terms as more favorable.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Planned syndication to $150 million would expand financing capacity, with closing anticipated in January 2027. 48% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Refinancing will replace existing facilities, with approximately $39.8 million outstanding at September 30, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Reevemark acquisition funding includes an immediate drawdown for the initial cash consideration.
• Minor point. Forward-looking: it has not happened yet and may not happen.Up to $50 million additional accordion option could provide further borrowing capacity.

Negative

• Major pointBlanket lien over Group assets secures the facility, with guarantees from substantially all subsidiaries.
• Moderate pointSyndication is best-efforts, with additional lender commitments still being sought.
• Minor pointInterest at SOFR plus 185 to 230 basis points varies with the Group’s net leverage ratio.
• Minor pointUnused commitment fee of 15 to 25 basis points applies to undrawn revolving commitments, based on net leverage.
• Minor point. Forward-looking: it has not happened yet and may not happen.Term loan amortization requires 5.0% of the original balance in each of years one and two.

3 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Later term loan amortization requires 7.5% in each of years three and four, then 10.0% in year five.
• Minor point. Forward-looking: it has not happened yet and may not happen.Remaining term loan balance is due at maturity on November 2, 2031.
• Minor pointAdditional accordion option is uncommitted and subject to lender approval and applicable conditions.

News Explained

The $65 million term loan has scheduled annual principal repayments of 5% of its original balance in years one and two, 7.5% in years three and four, and 10% in year five, with the remaining balance due at maturity; the $40 million revolver is interest-only.

Key Figures

Credit facility: $105 million Term loan: $65 million Revolving credit facility: $40 million +5 more

Credit facility

$105 million

New senior secured facility

Term loan

$65 million

Initial facility component

Revolving credit facility

$40 million

Initial facility component

Expected facility size after syndication

$150 million

Target aggregate size; syndication on a best-efforts basis

Accordion option

Up to an additional $50 million

Uncommitted and subject to lender approval and applicable conditions

Interest margin

185 to 230 basis points

Added to SOFR; determined by net leverage ratio

Term loan amortization

5.0%, 7.5%, and 10.0%

Of original balance in years one and two, years three and four, and year five, respectively

Existing borrowings

Approximately $39.8 million

Outstanding under existing facilities as of September 30, 2026

Key Terms

sofr, accordion option, blanket lien, net leverage ratio

4 terms

sofr financial

"Interest payable at the Secured Overnight Financing Rate (“SOFR”)"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

accordion option financial

"An uncommitted accordion option of up to an additional $50 million"

An accordion option is a contractual right built into a financing agreement that lets a company expand the number or size of securities it can issue — for example adding more shares or increasing a loan facility — without a separate, lengthy approval process. Think of it like an accordion instrument that can stretch when needed; for investors it matters because exercising the option can change the supply of securities, dilute existing ownership, and alter future fundraising and control dynamics.

blanket lien financial

"Secured by a blanket lien over the Group’s assets"

A blanket lien is a security interest that gives a lender a legal claim on most or all of a borrower’s assets—present and future—as collateral for a loan or obligation. It typically appears in loan or credit agreements and means the borrower cannot freely sell, pledge, or grant other liens on those assets without the lender’s consent; on default the lender can seize or foreclose on the covered assets. Priority and enforceability depend on how the lien is created and perfected under applicable law (for example, by filing a UCC-1 financing statement in the United States) and may be subordinated to earlier, perfected liens.

net leverage ratio financial

"determined by the Group’s net leverage ratio"

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

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Five-year facility refinances existing borrowings and provides additional capacity to support acquisitions and general corporate purposes

WASHINGTON, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Public Policy Holding Company, Inc. ("PPHC", the "Group" or the "Company") (Nasdaq: PPHC), a leading global strategic communications provider offering a comprehensive range of advisory services in Government Relations, Public Affairs and Corporate Communications, announces that it has entered into a new $105 million senior secured credit facility with a U.S. commercial bank (the “New Facility”).

The New Facility comprises a $65 million term loan and a $40 million revolving credit facility. The Group intends to seek commitments from additional lenders through a syndication to increase the New Facility to an aggregate $150 million. The New Facility may include an additional uncommitted accordion option of up to $50 million. Syndication is being undertaken on a best-efforts basis and is currently anticipated to close in January 2027.

Key Terms

• A five-year senior secured facility comprising a $65 million term loan and a $40 million revolving credit facility at initial closing.
• Expected syndication to a total facility size of $150 million, anticipated to close in January 2027 on a best-efforts basis.
• An uncommitted accordion option of up to an additional $50 million, subject to lender approval and the satisfaction of applicable conditions.
• Interest payable at the Secured Overnight Financing Rate (“SOFR”) plus a margin of 185 to 230 basis points, determined by the Group’s net leverage ratio. An unused commitment fee of 15 to 25 basis points applies to undrawn revolving commitments, also based on net leverage.
• Term loan amortization, stated as a percentage of the original balance, of 5.0% in each of years one and two, 7.5% in each of years three and four, and 10.0% in year five, with the remaining balance due at maturity on November 2, 2031. The revolving credit facility is interest only.
• Secured by a blanket lien over the Group’s assets, with guarantees from substantially all subsidiaries.

Use of Proceeds

The proceeds of the New Facility will be used to refinance the Group’s existing debt, fund acquisitions including an immediate drawdown to fund the initial cash consideration for the acquisition of Reevemark LLC announced earlier today and provide additional capacity for working capital and general corporate purposes.

Existing Facilities

The Group’s existing borrowings under the credit arrangements first announced on March 1, 2023, and subsequently expanded and amended on April 30, 2024, June 6, 2024, and January 24, 2025, will be repaid and replaced by the New Facility shortly after closing. As of September 30, 2026, approximately $39.8 million was outstanding under the existing facilities.

Capital Allocation

The New Facility consolidates the Group’s borrowings into a single financing structure on more favorable terms, extends the Group’s debt maturity profile, and provides additional capacity to support its growth strategy.

The Group intends to maintain a prudent leverage ratio as it combines organic growth with targeted, earnings-accretive M&A. The PPHC Board of Directors considers that access to both debt and equity funding provides appropriate flexibility in the Group’s capital allocation, including the funding of acquisitions and deferred consideration, as well as the payment of dividends.

Stewart Hall, CEO of PPHC, commented:

“This new facility strengthens our financial position and provides additional capacity to execute our growth strategy while maintaining a disciplined approach to leverage and capital allocation. We remain focused on deploying capital selectively into opportunities that enhance our capabilities, broaden our geographic reach and create long-term value for shareholders.”

B/T Advisory acted as exclusive debt advisor, and Venable LLP acted as legal counsel to the Group. Further details of the New Facility, including the identity of the lender and a copy of the credit agreement, will be set out in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission, which will be available at www.sec.gov and on the Company’s investor relations website.

About PPHC

Incorporated in 2014, PPHC is a global strategic communications platform that supports clients in enhancing and defending their reputations, advancing policy objectives, managing regulatory risk, and engaging with federal and state-level policymakers, stakeholders, media, and the public.

Engaged by approximately 1,500 clients, including companies, trade associations and non-governmental organizations, PPHC is active in all major sectors of the economy, including healthcare and pharmaceuticals, financial services, energy, technology, telecommunications and transportation.

With operations across 18 offices in the United States and internationally, PPHC's services include government relations, public affairs and corporate communications, research and analytics, digital advocacy campaigning, and compliance support. The Company's shares are admitted to trading on the Nasdaq Global Market and on AIM, a market operated by the London Stock Exchange, under the ticker symbol "PPHC".

For more information, visit www.pphcompany.com.

Media Contact:
Public Policy Holding Company, Inc.
(202) 688-0020
inquiries@pphcompany.com

Investor Relations:
Matthew Mazzanti
(202) 559-0172
IR@pphcompany.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the size and maturity of PPHC’s new credit facility?

The new facility totals $105 million and matures on November 2, 2031. It comprises a $65 million term loan and a $40 million revolving credit facility with a U.S. commercial bank.

How will PPHC use its new credit facility?

PPHC will use the facility to refinance existing debt and fund acquisitions, including an immediate drawdown for Reevemark’s initial cash consideration. It also provides additional capacity for working capital and general corporate purposes.

What principal repayments does PPHC’s new credit facility require?

The term loan requires annual amortization of 5.0% of the original balance in each of years one and two, 7.5% in each of years three and four, and 10.0% in year five. The remaining balance is due November 2, 2031. The revolving credit facility is interest only.