Resources Connection secures $175 million revolver due 2026

By William Gullotti

Buffalo, N.Y., Nov. 16 – Resources Connection, Inc. and Resources Connection LLC secured a new $175 million revolver scheduled to mature Nov. 12, 2026, according to an 8-K filing with the Securities and Exchange Commission.

The facility provides for a $175 million revolver with a $75 million accordion feature, which includes a $10 million sublimit for the issuance of standby letters of credit.

Upon the Nov. 12 closing, the company borrowed $44 million from the revolver.

Borrowings will bear annual interest of SOFR plus 125 to 200 basis points, based on the company’s consolidated leverage ratio.

The commitment fee is between 20 and 30 bps.

Bank of America, N.A. is the administrative agent, letter of credit issuer and swingline lender for the revolver.

JPMorgan Chase Bank, N.A. and Truist Bank also served as co-syndication agents.

BofA Securities, Inc. was the lead arranger and bookrunner.

Proceeds will be used to refinance existing debt and finance working capital.

The staffing services firm is based in Irvine, Calif.

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