CDI Corp. Closes New $150 Million Credit Facility

PHILADELPHIA, Nov. 4, 2015 /PRNewswire/ -- CDI Corp. CDI announced today that the Company entered into a new secured credit agreement providing for up to $150 million in revolving loans.

"This new credit facility reflects the strength of CDI's balance sheet and provides a significant increase in CDI's financial flexibility to support business growth and strategic investment," said Michael S. Castleman, Executive Vice President and Chief Financial Officer.

The new five-year credit agreement, maturing in October 2020, may be used for working capital and general corporate purposes, as well as permitted acquisitions and investments. In addition, the credit agreement includes an accordion feature that enables the Company, under certain circumstances, to increase borrowing capacity under the facility by up to $75 million. The new facility replaces the existing five-year $75 million credit facility that was scheduled to mature in November 2017.

Borrowings under the credit agreement will bear interest at a rate equal to LIBOR plus an applicable margin of between 1.25% and 1.75%, or an alternative base rate plus an applicable margin of between 0.25% and 0.75%, in both cases based on the level of borrowings outstanding. The Company will pay a commitment fee on unused amounts of the credit facility at an annual rate of 0.25%. Borrowings under the credit facility are secured by all assets of the company. Terms and conditions of the credit facility are described in the Company's Form 8-K, which was filed today with the Securities and Exchange Commission.

Bank of America, N.A., acted as administrative agent, joint lead arranger and joint book-runner. Bank of Montreal acted as joint lead arranger and joint book-runner, and Wells Fargo Capital Finance also committed to the facility.

About CDI 

CDI Corp. CDI provides engineering, information technology and staffing solutions. Our customers operate in a variety of industries, ranging from Oil, Gas & Chemicals to Aerospace & Industrial Equipment, and High Technology, and include corporate, federal, state and municipal entities. We serve customers through offices and delivery centers in the United States, Canada and the United Kingdom. We also provide staffing services through our global MRINetwork^® of franchisees. Learn more about CDI at www.cdicorp.com

Caution Concerning Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements that address expectations or projections about the future are forward-looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Detailed information about these risks and uncertainties may be found in our filings with the SEC, particularly in the "Risk Factors" section of our Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our Form 10-Ks and Form 10-Qs. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We assume no obligation to update such statements, whether as a result of new information, future events or otherwise, except as required by law.  

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cdi-corp-closes-new-150-million-credit-facility-300172820.html

SOURCE CDI Corp.