Trueblue Inc (TBI) has released an update.
TrueBlue, Inc. has revamped its financial flexibility by entering into a revised credit agreement, which offers a senior secured revolving credit line of up to $255 million, with an option to increase it to $405 million. This updated agreement, supported by a consortium of banks including Bank of America and PNC Bank, comes with tailored financial covenants, variable interest rates, and fees linked to the company’s leverage ratio. Moreover, it introduces a robust collateral requirement and imposes comprehensive covenants to govern the company’s financial management. The agreement is set to mature in five years, marking a strategic financial move for TrueBlue.
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