Kforce enters $200 million five-year restated credit agreement

By Marisa Wong

Los Angeles, Oct. 22 – Kforce Inc. and its subsidiaries entered into an amended and restated credit agreement on Oct. 20 with a maximum borrowing capacity of $200 million that may be increased by up to an additional $150 million, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amended and restated the firm’s existing credit dated May 25, 2017.

Wells Fargo Bank, NA is administrative agent, with Wells Fargo Securities, LLC as lead arranger and bookrunner, Bank of America, NA as syndication agent and BMO Harris Bank, NA as documentation agent.

The restated credit agreement matures on Oct. 20, 2026.

Letters of credit and swingline loans are subject to sublimits of $10 million.

Interest is equal to Libor plus an applicable margin based on the firm’s total leverage ratio, ranging from 112.5 basis points to 150 bps. The margin is initially 112.5 bps.

The commitment fee is also based on total leverage ratio and ranges from 20 bps to 30 bps and is initially 20 bps.

The credit agreement requires the firm to maintain a fixed-charge coverage ratio of no less than 1.25 to 1.0 and a total leverage ratio of no greater than 3.5 to 1.0.

The employment agency is based in Tampa, Fla.

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