BARRETT BUSINESS SERVICES, INC. (NASDAQ:BBSI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
The disclosure included under Item 2.03 is incorporated by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Effective July 1, 2018, Barrett Business Services, Inc. (the "Company"), entered into a Third Amendment (the "Amendment") to its Amended and Restated Credit Agreement dated as of June30, 2017 (the "Credit Agreement"), with its principal bank, Wells Fargo Bank, National Association. The Amendment increases the revolving credit line under the Credit Agreement from $25,000,000 to $28,000,000 through the expiration of the revolving credit line on July 1, 2020. The Amendment also increases the sublimit for standby letters of credit under the revolving credit line from $6.0 million to $7.5 million. All other terms and conditions of the Credit Agreement remain unchanged from the description included in Note 4 to the Company's consolidated financial statements included in its Quarterly Report on Form 10-K for the quarter ended March 31, 2018, filed by the Company with the Securities and Exchange Commission (the "SEC") on May 8, 2018 (the "First Quarter 2018 10-Q"), as modified by the Second Amendment to the Credit Agreement dated June 20, 2018, the principal terms of which are described in the Company's Current Report on Form 8-K filed by the Company with the SEC on June 27, 2018 (the "June 27, 2018 8-K"). The descriptions of the material terms of the Credit Agreement included in the First Quarter 2018 10-Q as subsequently modified by the terms described in the June 27, 2018 8-K are incorporated herein by reference.
About BARRETT BUSINESS SERVICES, INC. (NASDAQ:BBSI)
Barrett Business Services, Inc. (BBSI) is a provider of business management solutions for small and mid-sized companies. The Company has developed a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. BBSI’s core purpose is to advocate for business owners, particularly in the small and mid-sized business segment. The Company offers two categories of services: Professional Employer Services (PEO) and Staffing. It enters into a client services agreement with its PEO clients to establish a co-employment relationship with each client company. Its staffing services include on-demand or short-term staffing assignments, contract staffing, long-term or indefinite-term on-site management and direct placement. It operates through a network of branch offices throughout California, Oregon, Washington, Arizona, Colorado, Idaho, Nevada, Utah, Delaware, Maryland, North Carolina and Virginia.