ACCUSTAFF ANNOUNCES $100 MILLION CREDIT FACILITY AVAILABLE FOR ACQUISITIONS AND OTHER CORPORATE PURPOSES.JACKSONVILLE, Fla.--(BUSINESS WIRE)--Jan. 10, 1996--AccuStaff Incorporated (Nasdaq/NM:ASTF ASTF Arab Science and Technology Foundation (United Arab Emirates) ASTF Aeropropulsion Systems Test Facility ASTF Aerospace Structures Test Facility ASTF Australian Standard Transfer Form ASTF A Suit That Fits ), a Jacksonville-based strategic staffing and outsourcing company, today announced that it has received a commitment for a $100 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility underwritten and to be syndicated by NationsBank. The facility is unsecured, matures in five years, and bears interest using an incentive pricing model based on LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). , Fed funds fed funds See federal funds. , and the prime rate. The terms of the agreement allow AccuStaff to use its own notes for acquisition financing, for purchase money indebtedness, and for capital leases. The facility is in place to finance acquisitions, working capital, capital expenditures, and other general corporate purposes. The commitment is subject to closing and execution of the appropriate documentation. Commenting on the announcement, Derek E. Dewan de·wan n. Any of various government officials in India, especially a regional prime minister. [Hindi d , President and Chief Executive Officer of AccuStaff, said, "This facility provides AccuStaff with very favorable pricing, maximum flexibility, and an additional pool of funds with which to continue implementing our growth strategy." AccuStaff is a leading provider of strategic staffing and outsourcing services to businesses, professional and service organizations, and governmental agencies. After giving effect to recently completed acquisitions, the Company will operate 106 branch offices in 23 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . AccuStaff is organized into three divisions: the Commercial division, the Professional Services division, and the Telecommunications division. CONTACT: AccuStaff Inc., Jacksonville Michael D. Abney or Derek E. Dewan, 904/725-5574 |
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