ASGN Successfully Completes Refinancing and Upsizing of $500 Million Revolving Credit Facility and $500 Million Term Loan B
31 Août 2023 - 10:05PM
Business Wire
ASGN Incorporated (NYSE: ASGN), a leading provider of IT
services and professional solutions, including technology and
creative digital marketing, across the commercial and government
sectors, announced today that the Company has successfully
completed a series of transactions that upsize its Revolving Credit
Facility and Term Loan B, extending the maturities of each.
Ted Hanson, CEO of ASGN Incorporated commented, “We are pleased
with the successful execution of our recent refinancings. The
financial terms of this transaction, and oversubscription of both
the Revolving Credit Facility and the Term Loan B, reflect the
strength of our business and strong free cash flow profile. With
our new refinancings in place, ASGN has strengthened its liquidity
and increased our financial flexibility. We remain focused on
generating and delivering shareholder value as we execute on our
long-term strategic plan.”
Additional Transaction Details
ASGN refinanced its existing $460 million, five-year Revolving
Credit Facility, with a new upsized, five-year, $500 million
facility. The maturity of the facility has been extended to 2028,
and borrowings are priced at the Secured Overnight Financing Rate
(SOFR) plus a 10-basis point credit spread adjustment plus 200 to
300 basis points, dependent upon secured leverage levels.
Borrowings under the Revolving Credit Facility will be available
for general corporate purposes. The Revolving Credit Facility was
undrawn at closing.
The Company also refinanced its secured $500 million Term Loan B
with the issuance of a new $500 million, seven-year Term Loan B
maturing in 2030 and priced at SOFR plus 225 basis points. Proceeds
are being used to pay off the $491 million outstanding on the
previous Term Loan B and for general corporate purposes. The
refinancing transactions were led by Wells Fargo Bank, National
Association.
About ASGN Incorporated
ASGN Incorporated (NYSE: ASGN) is a leading provider of IT
services and solutions, including technology and creative digital
marketing, across the commercial and government sectors. ASGN helps
corporate enterprises and government organizations develop,
implement and operate critical IT and business solutions through
its integrated offering of professional staffing and IT consulting.
For more information, visit us at asgn.com.
Safe Harbor
Certain statements made in this news release are
“forward-looking statements” within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and involve a high
degree of risk and uncertainty. Forward-looking statements include
statements regarding our anticipated financial and operating
performance.
All statements in this news release, other than those setting
forth strictly historical information, are forward-looking
statements. Forward-looking statements are not guarantees of future
performance and actual results might differ materially. In
particular, we make no assurances that the proposed revenue,
expense and profit estimates outlined above will be achieved.
Additional examples of forward-looking statements in this press
release include, without limitation, statements regarding our
ability to attract, train and retain qualified staffing
consultants, the availability of qualified contract professionals,
management of our growth, continued performance and improvement of
our enterprise-wide information systems, our ability to manage our
litigation matters, the successful integration of acquisitions and
other risks detailed from time to time in our reports filed with
the SEC, including our Annual Report on Form 10-K for the year
ended December 31, 2022 as filed with the SEC on February 27, 2023.
We specifically disclaim any intention or duty to update any
forward-looking statements contained in this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230830739219/en/
Kimberly Esterkin Vice President, Investor Relations
kimberly.esterkin@asgn.com
ASGN (NYSE:ASGN)
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