TrueBlue draws remaining facility amount as precautionary measure

By Sarah Lizee

Olympia, Wash., April 1 – TrueBlue, Inc. borrowed the remaining amount under its $300 million credit agreement on March 26, according to an 8-K filing with the Securities and Exchange Commission.

As of March 25, there was $51 million outstanding on the credit facility compared to $43 million as of the last fiscal quarter ended Dec. 29.

The most recent draw resulted in a balance of $300 million under the credit facility, including $6 million in issued but undrawn standby letters of credit.

The company said it elected to draw its remaining availability under the credit facility as a precautionary measure to increase its liquidity position and financial flexibility in light of the uncertainty resulting from the Covid-19 virus.

TrueBlue is a Tacoma, Wash.-based provider of blue-collar staffing.

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