Volt Information Sciences Reports Update on Accounts Receivable Securitization Program
22 März 2011 - 10:15PM
Business Wire
Volt Information Sciences, Inc. (OTC: VISI) today reported that
the liquidity facility supporting its $150 million accounts
receivable securitization program administered by PNC Bank,
National Association has been extended from June 17, 2011 to March
15, 2012.
Jack Egan, Volt’s Chief Financial Officer, stated: “We
appreciate the continued support from PNC Bank.”
Under the securitization program, accounts receivable related to
the United States operations of the staffing solutions business of
the Company and certain of its subsidiaries are sold from
time-to-time to Volt Funding Corp., which, in turn, sells an
undivided percentage ownership interest in the pool of receivables
to a commercial paper conduit. As previously reported the
continuation of Volt’s securitization program is subject to the
periodic renewal of the liquidity facility. The Company retains the
servicing responsibility for the accounts receivable. The Company
has $50 million drawn under the securitization program.
Under an amendment to the securitization program the Company has
agreed to deliver unaudited financial statements for its fiscal
2009 and 2010 years by September 30, 2011 and audited financial
statements for those years, which were previously required to be
delivered by May 2, 2011, by February 7, 2012. No amendments were
required to any of the Company’s or any subsidiary’s other credit
facilities, including the Company’s $42 million bank credit
agreement.
About Volt Information Sciences, Inc. is a leading
provider of global infrastructure solutions in technology,
information services and staffing acquisition for its FORTUNE 100
customer base. Operating through an international network of
servicing locations, the Staffing Services Segment fulfills IT,
engineering, administrative, and industrial workforce requirements
of its customers, for both professional search and
temporary/contingent personnel as well as managed services
programs. Technology infrastructure services include
telecommunications engineering, construction, and installation;
central office services; and IT managed services and maintenance.
Information-based services are primarily directory assistance,
operator services, database management, and directory printing.
Visit www.volt.com.
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