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Truist Provides $63.2MM Credit Facility to HireQuest

July 07, 2021, 08:00 AM
Filed Under: Staffing Services
Related: Truist Bank

HireQuest closed a $63.2 million credit facility comprised of a $60.0 million Revolving Credit Facility and a $3.2 million Term Loan with its existing lender, Truist (formerly BB&T). The new facility replaces the Company’s prior $30 million revolving credit facility.

“This facility will help to fund the day-to-day operations of our existing franchisees. We also expect it to assist in our strategic growth initiatives,” said Richard Hermanns, CEO of HireQuest. “Combined with the cash generated from operations, access to this facility should provide HireQuest with greater capacity and flexibility to capitalize on future growth opportunities.”

Some proceeds from the Term Loan were used to pay off the Company’s prior credit facility, and to pay transaction fees and expenses incurred as part of this transaction. The new Revolving Credit Facility matures on June 29, 2026, and the Term Loan matures on June 29, 2036. For additional details please see HireQuest’s form 8-K filed with the SEC on June 29, 2021.

HireQuest is a nationwide franchisor that provides on-demand labor and commercial staffing solutions in the light industrial, blue-collar, and commercial segments of the staffing industry for HireQuest Direct, HireQuest, Snelling, and LINK franchised offices across the United States. Through its national network of over 200 franchisee-owned offices in more than 35 states and the District of Columbia, HireQuest provides employment for approximately 60,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, clerical, medical, travel, and event services.


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