Comsys amends loan to upsize revolver, lower rates

By Sara Rosenberg

New York, Dec. 18 - Comsys IT Partners Inc. amended its credit facility, increasing the revolver size to $160 million from $145 million and reducing the interest rates on all its bank debt, according to a company news release.

Proceeds from the upsized revolver were used to repay the company's remaining $30 million of existing second-lien term loan debt.

After completing the amendments, the company had outstanding revolver borrowings of $91.3 million and an outstanding balance on its first-lien term loan of $10 million.

"The repayment of this debt alone will save us approximately $2.2 million of annualized interest expense at current rates, which is in addition to the $3.5 million of savings generated in September when we reduced the second-lien facility from $100 million to $30 million. Equally important, we have succeeded in further streamlining and strengthening our balance sheet. With these improvements, our capital structure will serve us well in the future," said Larry L. Enterline, chief executive officer, in the release.

Comsys is a Houston-based information technology services company.

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