Manpower enters into $800 million five-year revolving facility

By Aleesia Forni

Columbus, Ohio, Oct. 11 - Manpower Inc. closed a new $800 million five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The facility bears interest at a rate based on the company's public debt rating and ranges from Libor plus 107.5 basis points to 172.5 bps.

The current interest rate is Libor plus 127.5 bps, while facility fees are 22.5 bps and issuance fees are 12.75 bps.

This agreement replaces the company's previous $400 million revolver.

Borrowings are available in various currencies, while $150 million may be used for the issuance of stand-by letters of credit.

Manpower must maintain a leverage ratio of no more than 3.5 to 1 and a fixed coverage ratio of no less than 1.5 to 1.

Citigroup Global Markets Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC serve as joint lead arrangers and book managers.

Citibank NA is administrative agent, while BNP Paribas is syndication agent.

JPMorgan Chase Bank NA, U.S. Bank NA and RBS Citizens NA are documentation agents.

Manpower is a Milwaukee-based employment services company.

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