Insperity's new $100 million revolver priced at Libor plus 200 bps

By Aleesia Forni

Columbus, Ohio, Sept. 21 - Insperity, Inc.'s new $100 million four-year revolving credit facility is initially priced at Libor plus 200 basis points, according to an 8-K filed with the Securities and Exchange Commission on Sept. 15.

The borrowing cost can vary from Libor plus 200 bps to Libor 275 bps, depending on the company's leverage.

Commitments under the facility may be increased to $150 million, subject to the approval of the lenders,

The facility contains a $10 million sublimit for letters of credit and a $10 million sublimit for swing loans.

This facility will be used for working capital and general corporate purposes.

The facility is set to mature on Sept. 15, 2015.

Amegy Bank NA is the agent, while Bank of America NA was appointed syndication agent for the facility.

The company also authorized an addition of 1 million shares to its stock repurchase program.

The company now has 1,481,278 shares available for repurchase.

Insperity is a Kingwood, Tex.-based provider of human resources and business solutions.

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