Troy, Michigan-based Kelly Services Inc. said Friday, September 18, that it had secured a one week extension on temporary waivers of its debt covenant requirements to give it time to renegotiate several of its debt agreements.
Kelly said in a filing with the U.S. Securities and Exchange Commission that the waivers, originally obtained from its lenders on July 23, have been extended until September 23 in order to permit the company to renegotiate the terms and conditions of several loan agreements.
They include:
• A $150 million unsecured multi-currency revolving credit agreement originally dated November 30, 2005.
• A 5.5 billion Japanese yen term loan agreement dating back to November 7, 2007.
• A 9 million euro and 5 million United Kingdom pound syndicated term loan facility agreement originally dated October 3, 2008.
Kelly said it expects the new or revised loan agreements to be in place before the waivers expire on Wednesday, September 23.
Filed by Sherri Begin Welch of Crain’s Detroit Business, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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