Resources Connection extends credit agreement to October 2022

By Sarah Lizee

Olympia, Wash., Sept. 9 – Resources Connection, Inc. and Resources Connection LLC amended their credit agreement on Sept. 3 to extend the maturity date to Oct. 17, 2022 from Oct. 17, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also modifies the commitments to eliminate the $30 million reducing revolving commitment and increases the revolving commitment by $30 million to $120 million.

Also, the interest rate was changed by increasing the applicable margin by 25 basis points and increasing the Libor interest rate floor to 0.25% from 0%.

The amendment also revises consolidated EBITDA to include addbacks for some non-recurring severance and restructuring amounts and fees.

The staffing services firm is based in Irvine, Calif.

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