ASGN Inc. (ASGN) Enters Amendment to Credit Agreement with Wells Fargo

On March 13, 2024, ASGN Inc. (NYSE: ASGN) entered into a First Amendment to Third Amended and Restated Credit Agreement (the “Amendment”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Amendment amends the Company’s Third Amended and Restated Credit Agreement, dated as of August 31, 2023 (as amended from time to time, including pursuant to the Third Amendment, the “Credit Agreement”).

Among other things, the Amendment refinances the Company’s existing term loans with a refinancing term loan in an initial principal amount of $498,750,000. The refinancing term loan will bear interest at a floating rate, which can be either, at the Company’s option, (a) adjusted Term SOFR plus an applicable margin of 1.75% per annum or (b) an alternate base rate plus an applicable margin of 1.00% per annum. A voluntary prepayment of the refinancing term loan on or prior to the date that is one hundred eighty days after the date of the Amendment as a result of a repricing transaction (subject to customary exclusions for a change of control or transformative acquisition) will incur a call premium equal to 1.00% of the principal amount of the refinancing term loan that is subject to such repricing transaction. The Company is required to make quarterly amortization payments on the refinancing term loan in the amount of $1,250,000.

The refinancing of the Company’s term loan has resulted in a reduction of ASGN’s interest rate by 50 basis points per year. Not including applicable fees related to the refinancing, ASGN expects to save approximately $2.5 million in annual interest fees.

You May Also Be Interested In

• Kite Realty Group names new VP of capital markets and IR
• BitGo Korea wins VASP registration in South Korea
• Greenbrier builds 50 railcars with low-emission steel for Alter Trading