ASGN Inc. Enters Material Definitive Agreement

Ticker: ASGN · Form: 8-K · Filed: Mar 14, 2024 · CIK: 890564

Sentiment: neutral

Topics: debt, agreement

Related Tickers: ASGN

TL;DR

ASGN just signed a big financial deal, details to come.

AI Summary

On March 13, 2024, ASGN Inc. entered into a material definitive agreement related to a direct financial obligation. The filing does not specify the exact nature of the agreement or any associated dollar amounts, but it indicates a significant financial commitment for the company.

Why It Matters

This filing indicates ASGN Inc. has entered into a new financial obligation, which could impact its balance sheet and future financial flexibility.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce financial risk, but the lack of specific details prevents a higher risk assessment.

Key Players & Entities

FAQ

What is the specific nature of the material definitive agreement ASGN Inc. entered into?

The filing does not specify the exact nature of the material definitive agreement, only that it constitutes a direct financial obligation or an obligation under an off-balance sheet arrangement.

What is the dollar amount associated with this new financial obligation?

The filing does not disclose any specific dollar amounts related to the new financial obligation.

When was the earliest event reported in this 8-K filing?

The earliest event reported was on March 13, 2024.

What is ASGN Inc.'s principal executive office address?

ASGN Inc.'s principal executive offices are located at 4400 Cox Road, Suite 110, Glen Allen, Virginia 23060.

What is ASGN Inc.'s telephone number?

ASGN Inc.'s telephone number is (888) 482-8068.

Filing Stats: 756 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2024-03-14 08:42:34

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On March 13, 2024, ASGN Incorporated (the "Company") 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. The foregoing description of the Amendment is only a summary and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligatio

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 First Amendment to Third Amended and Restated Credit Agreement, dated as of March 13, 2024, by and among ASGN Incorporated, as the borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders named therein 104.1 Cover page interactive data file (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASGN Incorporated Date: March 13, 2024 /s/ Marie L. Perry Marie L. Perry Executive Vice President and Chief Financial Officer

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