Kforce Secures $300M Credit Facility

TL;DR

Kforce just inked a $300M credit line with Bank of America, maturing in 2029. Looks like they're set for growth.

AI Summary

Kforce Inc. announced on June 14, 2024, that it has entered into a new credit agreement with Bank of America, N.A. This agreement provides Kforce with a $300 million revolving credit facility, which matures on June 14, 2029. The company intends to use this facility for general corporate purposes.

Why It Matters

This new credit facility provides Kforce with significant financial flexibility for its ongoing operations and strategic initiatives.

Risk Assessment

Risk Level: low — The filing details a standard credit agreement, which is a common and generally low-risk financial activity for a company.

Key Numbers

• $300M — Revolving Credit Facility (Provides financial flexibility for general corporate purposes.)
• 2029 — Maturity Date (Indicates the term of the credit facility.)

Key Players & Entities

• Kforce Inc. (company) — Registrant
• Bank of America, N.A. (company) — Lender
• $300 million (dollar_amount) — Revolving credit facility amount
• June 14, 2024 (date) — Date of credit agreement
• June 14, 2029 (date) — Maturity date of credit facility

FAQ

From the Filing

0000930420-24-000127.txt : 20240617 0000930420-24-000127.hdr.sgml : 20240617 20240617161017 ACCESSION NUMBER: 0000930420-24-000127 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240614 ITEM INFORMATION: Other Events FILED AS OF DATE: 20240617 DATE AS OF CHANGE: 20240617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KFORCE INC CENTRAL INDEX KEY: 0000930420 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 593264661 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-42104 FILM NUMBER: 241048279 BUSINESS ADDRESS: STREET 1: 1150 ASSEMBLY DRIVE STREET 2: SUITE 500 CITY: TAMPA STATE: FL ZIP: 33607 BUSINESS PHONE: 8135525000 MAIL ADDRESS: STREET 1: 8405 BENJAMIN ROAD STREET 2: SUITE G CITY: TAMPA STATE: FL ZIP: 33634 FORMER COMPANY: FORMER CONFORMED NAME: KFORCE INC DATE OF NAME CHANGE: 20000517 FORMER COMPANY: FORMER CONFORMED NAME: ROMAC INTERNATIONAL INC DATE OF NAME CHANGE: 19950502 8-K 1 kfrc-20240614.htm FORM 8-K kfrc-20240614 false 0000930420 0000930420 2024-06-14 2024-06-14 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   ___________________________________________  FORM 8-K  ___________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 14, 2024   _________________________________________________________________   Kforce Inc . Exact name of registrant as specified in its charter _______________________________________________________________     Florida 000-26058 59-3264661 State or other jurisdiction of incorporation Commission File Number IRS Employer Identification No. 1150 Assembly Drive, Suite 500 , Tampa , Florida 33607 Address of principal executive offices Zip Code Registrant’s telephone number, including area code: ( 813 )  552-5000   N/A ______________________________________________________ (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share KFRC The New York Stock Exchange Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Item 8.01 Other Events. On June 14, 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 comme