Kforce Secures $200M Credit Facility
Ticker: KFRC · Form: 8-K · Filed: Mar 14, 2024 · CIK: 930420
| Field | Detail |
|---|---|
| Company | Kforce Inc (KFRC) |
| Form Type | 8-K |
| Filed Date | Mar 14, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: credit-facility, financing, debt
Related Tickers: BAC
TL;DR
Kforce just inked a $200M credit line with Bank of America, maturing in 2029. Good for growth!
AI Summary
Kforce Inc. announced on March 13, 2024, that it has entered into a new credit agreement with Bank of America, N.A. This agreement provides Kforce with a $200 million revolving credit facility, which matures on March 13, 2029. The company intends to use this facility for general corporate purposes, including working capital needs and potential acquisitions.
Why It Matters
This new credit facility provides Kforce with enhanced financial flexibility for operational needs and strategic growth opportunities.
Risk Assessment
Risk Level: low — The filing is a routine credit agreement announcement with no immediate negative implications for the company.
Key Numbers
- $200M — Revolving Credit Facility (Provides financial flexibility for operations and growth.)
- 2029 — Maturity Date (Indicates the term of the credit facility.)
Key Players & Entities
- Kforce Inc. (company) — Registrant
- Bank of America, N.A. (company) — Lender
- $200 million (dollar_amount) — Revolving credit facility amount
- March 13, 2029 (date) — Maturity date of credit facility
- March 13, 2024 (date) — Date of credit agreement
FAQ
What is the purpose of the new credit agreement?
The credit agreement provides Kforce with a $200 million revolving credit facility intended for general corporate purposes, including working capital and potential acquisitions.
Who is the lender for the new credit facility?
The new credit facility is with Bank of America, N.A.
When does the new credit facility mature?
The new credit facility matures on March 13, 2029.
What is the total amount of the revolving credit facility?
The total amount of the revolving credit facility is $200 million.
What is the date of the credit agreement?
The date of the credit agreement is March 13, 2024.
Filing Stats: 470 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-03-14 16:05:28
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 per share KFRC NASDAQ Check the appro
Filing Documents
- kfrc-20240313.htm (8-K) — 23KB
- kfrc-20240313_g1.jpg (GRAPHIC) — 30KB
- 0000930420-24-000024.txt ( ) — 218KB
- kfrc-20240313.xsd (EX-101.SCH) — 2KB
- kfrc-20240313_lab.xml (EX-101.LAB) — 21KB
- kfrc-20240313_pre.xml (EX-101.PRE) — 12KB
- kfrc-20240313_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On March 13, 2024, Kforce Inc. ("the Firm") entered into a corporate stock trading plan (the "Plan") for the purpose of repurchasing the Firm's outstanding common stock in accordance with the share repurchase program authorized by the Firm's Board of Directors. The Plan is in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Plan allows the Firm to repurchase shares commencing no earlier than March 18, 2024 through May 1, 2024. Repurchases of common stock under the Plan will be administered through an independent broker and are subject to certain price, market, volume and timing constraints specified in the Plan.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KFORCE INC. (Registrant) Date: March 14, 2024 By: /s/ JEFFREY B. HACKMAN Jeffrey B. Hackman Chief Financial Officer (Principal Financial and Accounting Officer)