Resources Connection entered a new secured, asset-based revolving credit facility of up to the lesser of $30 million and a borrowing base with PNC Bank as agent, maturing July 15, 2031. The agreement includes a $5 million letter-of-credit sublimit, a $15 million swingline, and an uncommitted $20 million accordion available prior to the third anniversary. In connection with the new facility, the company terminated its July 2, 2025 Credit Agreement with Bank of America on July 13, 2026. The refinancing is expected to enhance liquidity and align borrowing capacity with receivables-backed assets.
New agreement details:
- Agreement type: Secured asset-based revolving credit facility
- Counterparty: PNC Bank, as agent, and other lenders
- Signed / Effective: Jul 15 2026 / Jul 15 2026
- Duration / Termination: 5 years (to Jul 15 2031)
- Reason: Enhance liquidity and working capital flexibility
Terminated agreement details:
- Agreement terminated: Revolving credit agreement
- Counterparty: Bank of America, as administrative agent, and other lenders
- Original agreement date: Jul 02 2025
- Termination date: Jul 13 2026
- Termination type: Early
- Exit fees / payments: None
- Reason: Replaced by new PNC-led credit facility
Original SEC Filing:
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