Press Release Archive
FORT LAUDERDALE, Fla., Nov. 1, 2010 /PRNewswire-FirstCall/ -- SFN Group, Inc. (NYSE: SFN) today announced that it has amended its $250 million asset based revolving credit facility, extending its term from July 2013 to November 2014 and reducing interest rates commensurate with current market conditions.
Interest rate spreads on drawn amounts and letters of credit were decreased by 150 basis points. Unused line fees were decreased by 12.5 to 25 basis points depending on facility usage. In addition to extending the term and decreasing borrowing costs, the amended facility carries forward the previous provision that no financial covenants are in effect as long as excess availability of $30 million is maintained. At closing, excess availability was approximately $136 million. In the future, excess availability may be reduced if the trailing twelve months fixed charge coverage ratio falls below a certain level. A copy of the amendment will be filed with the SEC as an exhibit to our third quarter report on Form 10-Q.
ABOUT SFN GROUP, INC.
SFN Group (NYSE: SFN) is a strategic workforce solutions company that provides professional services and general staffing to help businesses more effectively source, deploy and manage people and the work they do. As an industry pioneer, SFN Group has sourced, screened and placed millions of individuals in temporary, temp-to-hire and full-time jobs for more than 60 years.
With approximately 550 locations in the United States and Canada, SFN delivers strategic workforce solutions that improve business performance. From outsourcing to technology to professional services to staffing, SFN delivers the best combination of people, performance and service to improve the way work gets done. It provides its services to approximately 8,000 customers, from Fortune 500 companies to a wide range of small and mid-size organizations. The company employs more than 160,000 people annually through its network and is one of North America's largest employers. SFN provides its solutions through a family of specialized businesses: Technisource, Tatum, The Mergis Group, Todays Office Professionals, SourceRight Solutions and Spherion Staffing Services. To learn more, visit www.sfngroup.com.
SOURCE SFN Group, Inc.