- Current report filing (8-K)
09 Décembre 2009 - 3:03PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 4, 2009
KELLY SERVICES, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE
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0-1088
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38-1510762
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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999 WEST BIG BEAVER ROAD,
TROY, MICHIGAN
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48084
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code:
(248) 362-4444
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01.
Entry into a Material Definitive Agreement
On December 4, 2009, Kelly Services, Inc. (the Company) and Kelly Receivables Funding, LLC, a
wholly owned bankruptcy remote special purpose subsidiary of the Company (the Receivables
Entity), entered into a trade receivables securitization facility (the Securitization).
Pursuant to the Securitization, the Company and the Receivables Entity entered into a receivables
purchase agreement, dated as of December 4, 2009, by and among the Company, as servicer, the
Receivables Entity, as seller, the various letter of credit participants, purchasers and purchaser agents (the
Purchasers) from time to time party thereto and PNC Bank, National Association, as administrative agent
and letter of credit bank (the Receivables Purchase Agreement), and other related documents, pursuant to which
the Company will sell certain trade receivables and related rights (Receivables), on a revolving
basis, to the Receivables Entity. The Receivables Entity may from time to time sell an undivided
variable percentage ownership interest in the Receivables to the Purchasers. Advances under the
Receivables Purchase Agreement will be funded through the issuance of commercial paper by the
Purchasers and will accrue interest based on the applicable commercial paper interest rate or
discount rate, plus an applicable margin. The Securitization also allows for the issuance of
standby letters of credit (SBLC). The combined maximum amount of Receivables financed or SBLCs
issued pursuant to the Securitization will not at any time exceed $100 million. The Receivables
Purchase Agreement will terminate in five years, unless terminated earlier pursuant to its terms.
A copy of the form of the Receivables Purchase Agreement is filed as Exhibit 10.17 to this Current
Report on Form 8-K and incorporated by reference herein.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant
The
information set forth in Item 1.01 is incorporated by reference
in this Item 2.03.
Item 9.01.
Financial Statements and Exhibits
(d) Exhibits
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10.17
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Receivables Purchase Agreement, dated December 4, 2009.
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2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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Date: December 9, 2009
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KELLY SERVICES, INC.
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/s/ Patricia Little
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Patricia Little
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Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
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EXHIBIT INDEX
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Exhibit No.
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Description
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10.17
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Receivables Purchase Agreement, dated December 4, 2009.
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