Charles River Associates (NASDAQ: CRAI) has amended and extended its existing credit facility, increasing the aggregate principal amount to $400 million from the prior $300 million limit, according to a press release from the consulting firm.

The five-year facility consists of a $75 million term loan and a $325 million revolving credit facility. The previous revolving credit facility had been scheduled to mature in August 2027. Proceeds will be used to repay outstanding amounts under the existing facility and to fund working capital and general corporate purposes.

The revolving credit facility may be reduced to $250 million at CRA's option during the period of July 16 to January 15 of each year, when the company's working capital needs are typically lower. CRA may also elect not to increase the facility back to $325 million during the January 16 to July 15 period.

The facility involves a syndicate of six lenders. BMO and M&T Bank join existing banking partners Bank of America, Citizens Financial Group, Eastern Bank, and Beacon Bank & Trust.

"As CRA's credit facility approached its final year before maturity, we looked to the capital markets to maintain financial flexibility and support CRA's continuing long-term growth," said Paul Maleh, CRA's President and Chief Executive Officer.