FORT LAUDERDALE, Fla.,
Nov. 1, 2010 /PRNewswire-FirstCall/
-- SFN Group, Inc. (NYSE: SFN) today announced that it has amended
its $250 million asset based
revolving credit facility, extending its term from July 2013 to November
2014 and reducing interest rates commensurate with current
market conditions.
Interest rate spreads on drawn amounts and letters of credit
were decreased by 150 basis points. Unused line fees were
decreased by 12.5 to 25 basis points depending on facility usage.
In addition to extending the term and decreasing borrowing
costs, the amended facility carries forward the previous provision
that no financial covenants are in effect as long as excess
availability of $30 million is
maintained. At closing, excess availability was approximately
$136 million. In the future,
excess availability may be reduced if the trailing twelve months
fixed charge coverage ratio falls below a certain level. A
copy of the amendment will be filed with the SEC as an exhibit to
our third quarter report on Form 10-Q.
ABOUT SFN GROUP, INC.
SFN Group (NYSE: SFN) is a strategic workforce
solutions company that provides professional services and general
staffing to help businesses more effectively source, deploy and
manage people and the work they do. As an industry pioneer,
SFN Group has sourced, screened and placed millions of individuals
in temporary, temp-to-hire and full-time jobs for more than 60
years.
With approximately 550 locations in the United States and Canada, SFN delivers strategic workforce
solutions that improve business performance. From outsourcing
to technology to professional services to staffing, SFN delivers
the best combination of people, performance and service to improve
the way work gets done. It provides its services to
approximately 8,000 customers, from Fortune 500 companies to a wide
range of small and mid-size organizations. The company
employs more than 160,000 people annually through its network and
is one of North America's largest
employers. SFN provides its solutions through a family of
specialized businesses: Technisource, Tatum, The Mergis
Group, Todays Office Professionals, SourceRight Solutions and
Spherion Staffing Services. To learn more, visit
www.sfngroup.com.
SOURCE SFN Group, Inc.