TrueBlue completes $80 million five-year amended and restated revolver

By Sara Rosenberg

New York, Oct. 4 - TrueBlue Inc. closed on an $80 million five-year amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Bank of America Merrill Lynch and Wells Fargo Capital Finance LLC acted as the co-lead arrangers on the deal that was completed on Sept. 30, with Bank of America the administrative agent.

Pricing on the revolver can range from Libor plus 150 basis points to 200 bps based on excess liquidity, and there is a 25 bps unused fee. The initial spread is Libor plus 150 bps.

There is a $40 million accordion feature.

Proceeds were used to refinance an existing $80 million revolver priced at Libor plus 300 bps with a 37.5 bps unused fee, and, at close, there were $10.9 million of letters of credit outstanding and no borrowings.

TrueBlue is a Tacoma, Wash.-based provider of blue-collar staffing.

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