
Charles River Associates (NASDAQ:CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced an increase and extension to its existing credit facility with a bank

<p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crai.com%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=Charles+River+Associates&amp;index=1&amp;md5=bf22f8781fe8123fb046ada0c2bc4b68" shape="rect">Charles River Associates</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CRAI">CRAI</a>), a worldwide leader in providing <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crai.com%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=economic%2C+financial%2C+and+management+consulting+services&amp;index=2&amp;md5=b6ec8f759719d75c332df5b495c2806a" shape="rect">economic, financial, and management consulting services</a>, today announced an increase and extension to its existing credit facility with a bank syndicate comprised of six lenders. The five-year credit facility is for an aggregate principal amount of up to $400 million, consisting of a $75 million term loan and a $325 million revolving credit facility. The revolving credit facility may be decreased at CRA’s option to $250 million for the period of July 16 to January 15 of each year, during which time CRA’s working capital needs are typically diminished. Additionally, for the period of January 16 to July 15 of each year, CRA may elect not to increase the revolving credit facility from $250 million to $325 million.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The facility amends and increases CRA’s existing revolving credit facility, which was for an aggregate principal amount of up to $300 million and was scheduled to mature in August 2027. Proceeds will be used to repay outstanding amounts under the existing credit facility and will provide working capital to drive continued growth in the business and fund other general corporate purposes.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"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. "We are pleased to welcome BMO and M&amp;T Bank to CRA’s team of banking partners, which has long included Bank of America and Citizens Financial Group, as well as Eastern Bank and Beacon Bank &amp; Trust. With the support of this expanded bank group, the credit facility will enable CRA to continue investing in the business for profitable growth in the years ahead."

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Charles River Associates (CRA)
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Charles River Associates<sup xmlns="http://www.w3.org/1999/xhtml">&#xAE;</sup> is a leading global consulting firm specializing in <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crai.com%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=economic%2C+financial%2C+and+management+consulting+services&amp;index=3&amp;md5=3e4bf32eaa2ab9cbc8a9aec5eac045d4" shape="rect">economic, financial, and management consulting services</a>. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.crai.com&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=www.crai.com&amp;index=4&amp;md5=e62d0218673d4e53452446ec5ca9fbab" shape="rect">www.crai.com</a>. Follow us on <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fcharles-river-associates%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=e6140d296810846968fcc14d76d37f4a" shape="rect">LinkedIn</a>, <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Fcharlesriverassociates%2F%3Fhl%3Den&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=Instagram&amp;index=6&amp;md5=407b49b742324ac8efd81a4ff35adae7" shape="rect">Instagram</a>, and <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FCharlesRiverAssociates&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=Facebook&amp;index=7&amp;md5=56d316abc14dcd6e1fd935b98473491b" shape="rect">Facebook</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">SAFE HARBOR STATEMENT
<br xmlns="http://www.w3.org/1999/xhtml"></br></b><i xmlns="http://www.w3.org/1999/xhtml">Statements in this press release concerning our expectations regarding the use of the Company’s credit facility are "forward-looking" statements as defined in Section 21 of the Securities Exchange Act of 1934, as amended. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; the development and use of artificial intelligence; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign currency exchange rate fluctuations; financing risks, including the availability of, and costs associated with, sources of liquidity; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading "Risk Factors." The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260806156867r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260806156867/en/" rel="nofollow">https://www.businesswire.com/news/home/20260806156867/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Eric Nierenberg
<br xmlns="http://www.w3.org/1999/xhtml"></br>Charles River Associates
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:investor@crai.com" shape="rect">investor@crai.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>617-425-3020

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nicholas Manganaro
<br xmlns="http://www.w3.org/1999/xhtml"></br>Sharon Merrill Advisors
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:crai@investorrelations.com" shape="rect">crai@investorrelations.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>617-542-5300

</p>

CRAI

Charles River Associates (CRA) Announces Increase and Extension of Credit Facility

CRAI expands credit facility to $400 million to support growth


Record Revenue Drives Company’s Best-Ever Second Quarter Results


Company Increases Revenue Guidance and Reaffirms Profit Margin Guidance for Full-Year Fiscal 2026


Charles River Associates (NASDAQ:CRAI), a worldwide

Charles River Associates (CRA) Reports Financial Results for the Second Quarter of 2026

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Charles River Associates (NASDAQ:CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced an increase and extension to its existing credit facility with a bank</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Charles River Associates announced an increase and extension of its credit facility to up to $400 million, including a $75 million term loan and a $325 million revolver. The facility can be temporarily reduced to $250 million (July 16 to January 15) and has a five-year term to support growth initiatives. Proceeds will repay existing debt and provide working capital for continued expansion.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>CRAI expands credit facility to $400M; term $75M, revolver $325M.</li><li>Revolver can be reduced to $250M during Jul 16–Jan 15 window.</li><li>New lenders include BMO and M&amp;T Bank; existing lenders BAC and CFG remain.</li><li>Five-year facility to fund growth and debt repayment.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Charles River Associates (CRAI)</strong>: Announced upsize to a $400M credit facility; improves liquidity and financial flexibility.</li><li><strong>Bank of Montreal (BMO)</strong>: New banking partner; expands CRAI&#039;s lender base and financing options.</li><li><strong>M&amp;T Bank (MTB)</strong>: New banking partner; broader lender group could influence terms.</li><li><strong>Bank of America (BAC)</strong>: Existing lender; continues involvement in CRAI&#039;s credit facilities.</li><li><strong>Citizens Financial Group (CFG)</strong>: Existing lender; part of current banking relationships.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. Financing extension signals stronger liquidity and strategic flexibility to fund growth.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>CRAI&#039;s liquidity runway increases, reducing refinancing risk.</li><li>Banks joining CRAI&#039;s syndicate may improve financing terms.</li><li>Proceeds expected to accelerate growth initiatives and capex.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Aggregate principal up to $400 million; $75M term loan and $325M revolver.</li><li>Five-year term; revolving facility matures after five years.</li><li>Revolver can be reduced to $250M Jul 16–Jan 15 annually.</li><li>Previous facility up to $300M, maturing Aug 2027.</li><li>Lenders include BMO, M&amp;T Bank, Bank of America, CFG.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish: improved liquidity enables growth investments over the next 12–18 months.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crai.com%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=Charles+River+Associates&amp;index=1&amp;md5=bf22f8781fe8123fb046ada0c2bc4b68" shape="rect">Charles River Associates</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CRAI">CRAI</a>), a worldwide leader in providing <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crai.com%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=economic%2C+financial%2C+and+management+consulting+services&amp;index=2&amp;md5=b6ec8f759719d75c332df5b495c2806a" shape="rect">economic, financial, and management consulting services</a>, today announced an increase and extension to its existing credit facility with a bank syndicate comprised of six lenders. The five-year credit facility is for an aggregate principal amount of up to $400 million, consisting of a $75 million term loan and a $325 million revolving credit facility. The revolving credit facility may be decreased at CRA’s option to $250 million for the period of July 16 to January 15 of each year, during which time CRA’s working capital needs are typically diminished. Additionally, for the period of January 16 to July 15 of each year, CRA may elect not to increase the revolving credit facility from $250 million to $325 million.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The facility amends and increases CRA’s existing revolving credit facility, which was for an aggregate principal amount of up to $300 million and was scheduled to mature in August 2027. Proceeds will be used to repay outstanding amounts under the existing credit facility and will provide working capital to drive continued growth in the business and fund other general corporate purposes.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"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. "We are pleased to welcome BMO and M&amp;T Bank to CRA’s team of banking partners, which has long included Bank of America and Citizens Financial Group, as well as Eastern Bank and Beacon Bank &amp; Trust. With the support of this expanded bank group, the credit facility will enable CRA to continue investing in the business for profitable growth in the years ahead."

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Charles River Associates (CRA)
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>Charles River Associates<sup xmlns="http://www.w3.org/1999/xhtml">&#xAE;</sup> is a leading global consulting firm specializing in <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crai.com%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=economic%2C+financial%2C+and+management+consulting+services&amp;index=3&amp;md5=3e4bf32eaa2ab9cbc8a9aec5eac045d4" shape="rect">economic, financial, and management consulting services</a>. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.crai.com&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=www.crai.com&amp;index=4&amp;md5=e62d0218673d4e53452446ec5ca9fbab" shape="rect">www.crai.com</a>. Follow us on <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fcharles-river-associates%2F&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=e6140d296810846968fcc14d76d37f4a" shape="rect">LinkedIn</a>, <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Fcharlesriverassociates%2F%3Fhl%3Den&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=Instagram&amp;index=6&amp;md5=407b49b742324ac8efd81a4ff35adae7" shape="rect">Instagram</a>, and <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FCharlesRiverAssociates&amp;esheet=54584647&amp;newsitemid=20260806156867&amp;lan=en-US&amp;anchor=Facebook&amp;index=7&amp;md5=56d316abc14dcd6e1fd935b98473491b" shape="rect">Facebook</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">SAFE HARBOR STATEMENT
<br xmlns="http://www.w3.org/1999/xhtml"></br></b><i xmlns="http://www.w3.org/1999/xhtml">Statements in this press release concerning our expectations regarding the use of the Company’s credit facility are "forward-looking" statements as defined in Section 21 of the Securities Exchange Act of 1934, as amended. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; the development and use of artificial intelligence; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; foreign currency exchange rate fluctuations; financing risks, including the availability of, and costs associated with, sources of liquidity; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading "Risk Factors." The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260806156867r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260806156867/en/" rel="nofollow">https://www.businesswire.com/news/home/20260806156867/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Eric Nierenberg
<br xmlns="http://www.w3.org/1999/xhtml"></br>Charles River Associates
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:investor@crai.com" shape="rect">investor@crai.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>617-425-3020

</p><p xmlns="http://www.w3.org/1999/xhtml">
Nicholas Manganaro
<br xmlns="http://www.w3.org/1999/xhtml"></br>Sharon Merrill Advisors
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:crai@investorrelations.com" shape="rect">crai@investorrelations.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>617-542-5300

</p>

Charles River Associates announced an increase and extension of its credit facility to up to $400 million, including a $75 million term loan and a $325 million revolver. The facility can be temporarily reduced to $250 million (July 16 to January 15) and has a five-year term to support growth initiatives. Proceeds will repay existing debt and provide working capital for continued expansion.

News insight

Charles River Associates (CRA) Announces Increase and Extension of Credit Facility

AI summary

Sentiment rationale

Key facts

Corporate Developments