Comsys amends loan, revising maturity, size and pricing

By Sara Rosenberg

New York, March 24 - Comsys IT Partners Inc. amended its credit facility, extending the maturity for two years to March 31, 2012, reducing the size to $110 million from $160 million and increasing pricing, according to a news release.

Pricing on the facility is now set at Libor plus 375 basis points, up from Libor plus 175 bps prior to the amendment.

As before, no financial covenants are in effect as long as excess availability at the end of a month is $25 million or higher.

In connection with the amendment, the company redeemed its $20 million U.S. Treasury money market fund and used the proceeds to repay borrowings under the facility.

Comsys is a Houston-based IT services company.

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