Kforce amends revolver, lifts available borrowings to $100 million

By Aleesia Forni

Columbus, Ohio, Sept. 23 - Kforce Inc. amended and restated its existing credit facility, increasing its revolver to $100 million and a $15 million sublimit for letters of credit, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Borrowings under the revolver bear interest at a range of Libor plus 125 basis points to 175 bps, with an initial rate of Libor plus 125 bps.

Unused line fees are initially 25 bps and may range from 25 bps to 35 bps.

The company must pay a letter-of-credit fee under the facility of 12.5 bps, plus a fee equal to the applicable margin for Libor loans based on letters of credit outstanding.

The company was also required to pay a closing fee of $250,000, along with other closing costs and fees.

The facility has a maturity date of Sept. 20, 2016.

The company must maintain a fixed charge coverage ratio of at least 1.00 to 1.00.

Bank of America Merrill Lynch is the lead arranger and bookrunner, while Bank of America NA is the administrative agent.

Wells Fargo Bank NA is syndication agent.

Kforce is a Tampa, Fla.-based staffing firm.

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