Ciber given until March 31 to repay asset-based lending facility

By Angela McDaniels

Tacoma, Wash., March 6 – Ciber, Inc. received more time to complete a financial transaction and use the proceeds to repay its asset-based lending facility, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into a waiver and amendment with Wells Fargo Bank NA, the lender under the facility, on Friday.

The amendment requires the company to deliver an executed sale agreement for a financial transaction by March 15, to complete the transaction by March 22 and to repay all of the outstanding balance under the credit facility by March 31, which is an acceleration of the May 7, 2017 maturity date.

The financial transaction can be a refinancing or any merger, acquisition, joint venture, divestiture or other disposition of some or all of the assets of the company.

Friday’s amendment also waives existing events of default and includes conditions including, among other things, limitations on the company’s ability to borrow under the credit facility for amounts beyond expenses in a 13-week cash forecast provided weekly to Wells Fargo.

As of Friday, the outstanding balance on the credit facility was about $28.2 million.

Under a Jan. 31 amendment, Ciber had until Feb. 11 to deliver two or more letters of intent or expressions of interest about a financial transaction and until Feb. 28 to repay the credit facility.

Ciber is a Greenwood Village, Colo.-based system integration and information technology services consulting company.

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