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GEE Group gets $20 million revolver commitment from CIT
Chicago, March 26 – GEE Group Inc. announced that it has received a commitment for a $20 million revolver from CIT, according to a press release.
CIT will serve as administrative and collateral agent and sole lead arranger.
Collateral for the facility will be all of the assets of the company and its subsidiaries that will act as co-borrowers and guarantors.
The maturity date will be the earlier of five years from the anniversary of the closing date or 180 days before the maturity date of an existing term loan.
The effective interest rate is expected to be between 4% and 5.25%, but will be a floating rate based on Libor with a 1% floor.
The company’s current ABL has an 11% interest rate.
The facility fee will be 37.5 basis points to 50 bps depending on the amount of undrawn credit.
GEE Group provides staffing solutions and is based in Jacksonville, Fla.
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