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Wells Fargo Arranges $300MM Revolver for Kforce

May 26, 2017, 07:23 AM
Filed Under: Staffing Services

Kforce Inc., a provider of professional staffing services and solutions, announced it has completed a new $300 million revolving credit facility with a syndicate led by Wells Fargo Bank, N.A. The new credit facility, which expires in May 2022, replaces an existing $170 million asset-based revolving credit facility.

David L. Dunkel, Chairman and CEO, said, "We are very pleased with the successful closing of this transaction. We believe the high level of interest and quality of participation we received speaks to the strength of Kforce's business, financial position and future prospects. The increase in size of the new credit facility allowed us to add several new quality banks to the team who we expect will complement our existing banking partners very well.

David M. Kelly, Chief Financial Officer, said, "This new facility provides us with several structural advantages over our previous credit facility. The increase in the size of the facility provides us with much greater agility and flexibility in accessing capital to make necessary and prudent investments in profitably growing our business and generating long-term shareholder value."

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