CBIZ borrows remaining $210 million under its 2018 credit facility

By Sarah Lizee

Olympia, Wash., March 26 – CBIZ, Inc. provided notice to administrative agent Bank of America, NA on March 20 that it would borrow the remaining $210 million under its 2018 credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company received those funds in cash on Wednesday.

CBIZ said that while has ample liquidity, it is increasing its cash position as a precautionary measure to preserve flexibility in light of the evolving Covid-19 health situation and the high degree of uncertainty related to macroeconomic implications.

The company may use the proceeds for working capital, ongoing operating needs and other general corporate purposes.

CBIZ is a Cleveland-based provider of professional business services.

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