Volt Information Sciences Announces New Financing Agreement with DZ BANK AG
29 Januar 2018 - 3:00PM
Business Wire
Volt Information Sciences, Inc. (“Volt” or the “Company”)
(NYSE-AMERICAN:VISI) today announced that as of January 25,
2018, the Company has entered into a long-term accounts receivable
securitization program with DZ BANK AG Deutsche
Zentral-Genossenschaftsbank (“DZ BANK”) and exited its financing
relationship with PNC Bank.
Under the terms of the new agreement, DZ BANK will provide a
two-year, $115 million facility which permits borrowings until
January 25, 2020. The Company expects to save approximately $1.5
million over the term of the program, driven by reduced borrowing
costs as compared to its previous agreement.
Commenting on Volt’s new financing arrangement, Michael Dean,
President and CEO, said, “We are pleased to have closed this
financing transaction with DZ BANK. With $115 million of funding
capacity, the new agreement better aligns the Company’s current
financing requirements with our strategic initiatives and reduces
our overall borrowing costs. In addition to better pricing, the new
facility has less restrictive financial covenants and few
restrictions on use of proceeds, which will improve available
liquidity and allow us to continue to advance our capital
allocation plan. Overall, the new financing program greatly
enhances our financial flexibility and debt maturity profile, while
providing the Company with additional resources to execute our
business strategy.”
Information concerning the completion of this transaction was
filed by Volt today with the Securities and Exchange Commission and
can be obtained at www.sec.gov or the ‘Investors’ section of Volt’s
website at www.volt.com.
About Volt Information Sciences, Inc.
Volt Information Sciences, Inc. is a global provider of staffing
services (traditional time and materials-based as well as
project-based) and managed staffing service programs. Our staffing
services consists of workforce solutions that include providing
contingent workers, personnel recruitment services, and managed
services programs supporting primarily professional administration,
technical, information technology, light-industrial and engineering
positions. Our managed staffing service programs involves managing
the procurement and on-boarding of contingent workers from multiple
providers. Our complementary businesses offer customer care call
centers, customized talent and supplier management solutions to a
diverse client base. Volt services global industries including
aerospace, automotive, banking and finance, consumer electronics,
information technology, insurance, life sciences, manufacturing,
media and entertainment, pharmaceutical, software,
telecommunications, transportation, and utilities. For more
information, visit www.volt.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to a number of known and unknown risks, including, among
others, market interest rates, the Company’s future levels of
borrowing, its ability to comply with the covenants in its
financing agreements, and its general financial performance, that
could cause actual results, performance and achievements to differ
materially from those described or implied in the forward-looking
statements.
Information concerning these and other factors that could cause
actual results to differ materially from those in the
forward-looking statements are contained in company reports filed
with the Securities and Exchange Commission. Copies of the
Company’s latest Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, as filed with the Securities and
Exchange Commission, are available without charge upon request to
Volt Information Sciences, Inc., 1133 Avenue of the Americas, New
York, New York 10036, Attention: Shareholder Relations. These and
other SEC filings by the Company are also available to the public
over the Internet at the SEC’s website at http://www.sec.gov and at
the Company’s website at http://www.volt.com in the Investor &
Governance section.
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version on businesswire.com: http://www.businesswire.com/news/home/20180129005246/en/
Investor Contacts:Volt Information Sciences,
Inc.voltinvest@volt.comorAddo Investor RelationsLasse
Glassen310-829-5400lglassen@addoir.com
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