Savvy Trades and Investments

[2morrowsGains]

RGP...Something cooking's??..."On November 12, 2021, Resources Connection, Inc. (the “Company”), Resources Connection LLC and the Company’s domestic subsidiaries entered into a Credit Agreement (the “Credit Facility”) with the lenders party thereto and Bank of America, N.A., as administrative agent for the lenders. The Credit Facility provides for a $175.0 million secured revolving loan, which includes a $10,000,000 sublimit for the issuance of standby letters of credit. The Credit Facility also includes an option to increase the amount of the revolving loan up to an additional $75.0 million. The proceeds of the Credit Facility may be used to fund the Company’s working capital and other general corporate purposes, pay fees and expenses in connection with the transaction, fund potential acquisitions and refinance the outstanding indebtedness under that certain Credit Agreement, dated as of October 17, 2016, by and among the Company, Resources Connection LLC, the Company’s domestic subsidiaries and Bank of America, N.A. (as amended, the “2016 Credit Agreement”). The Credit Facility is scheduled to mature November 12, 2026.

The obligations under the Credit Facility are secured by substantially all assets of the Company, Resources Connection LLC, and the Company’s domestic subsidiaries, pursuant to the Security and Pledge Agreement, dated November 12, 2021.

On the closing date, the Company borrowed $44.0 million under the Credit Facility. Borrowings under the Credit Facility will bear interest at a rate per annum of either, at the Company’s election, (i) Term SOFR (as defined in the Credit Facility) plus a margin ranging from 1.25% to 2.00% or (ii) the Base Rate (as defined in the Credit Facility), plus a margin of 0.25% to 1.00% with the applicable margin depending on the Company’s consolidated leverage ratio. The Company is also obligated to pay other customary facility fees for a credit facility of this size and type."
https://ih.advfn.com/stock-market/NASDAQ/resources-connection-RGP/stock-news/86578841/current-report-filing-8-k