PHILADELPHIA, May 05, 2017 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that the sale of its Construction Claims Group to Bridgepoint Development Capital, part of international private equity group Bridgepoint, has closed and funded under the terms previously disclosed on May 3, 2017.

Net proceeds from the sale were used primarily to pay off and retire Hill’s outstanding senior debt, which totaled $151.1 million at closing, for which Hill incurred interest expense of $13.9 million during the trailing twelve months ended March 31, 2017. Simultaneously with the closing of the sale, Hill amended its secured revolving credit facilities from $45.0 million to $35.0 million, consisting of a $25.0 million U.S. Dollar-denominated facility and a $10.0 million Euro-denominated facility. The amended facilities will have terms of five years from the closing and will provide for letter of credit sub-limits in amounts of $20.0 million and $8.0 million, respectively. As of the closing, the amended facilities are substantially drawn. We intend to pursue additional borrowing options to improve our liquidity.

“This transaction retires a large portion of our debt, transforms Hill into a pure-play project management firm and strengthens Hill’s balance sheet,” said Paul Evans, Hill’s Interim Chief Executive Officer.

Hill was assisted on the transaction by financial advisor KeyBanc Capital Markets Inc. and legal advisor Duane Morris LLP.

Hill International, now with 3,300 professionals in more than 60 offices worldwide, provides program management, project management, construction management and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the eighth largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.