---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-005093"
form_type: "8-K"
ticker: "HQI"
cik: "0001140102"
company_name: "HireQuest, Inc."
filed_at: "2023-03-01T23:59:59+00:00"
generated_at: "2026-06-18T17:04:08.962291+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# HireQuest enters $50M revolving credit facility with Bank of America, replacing Truist facility

## Summary
- New $50M revolving credit facility (expandable to $60M) with Bank of America, matures Feb 28, 2028.
- Replaces prior $60M credit agreement with Truist Bank; proceeds used to pay off existing Truist debt.
- Interest rate: BSBY Daily Floating Rate plus margin of 1.00%-1.75% based on leverage.
- Financial covenants: Asset Coverage >=1.0, Total Funded Debt/EBITDA <=3.0, Fixed Charge Coverage >=1.25.
- Facility secured by substantially all assets; includes $20M sublimit for letters of credit.

## SEC filing metadata
- accession: 0001437749-23-005093
- form_type: 8-K
- ticker: HQI
- cik: 0001140102
- company_name: HireQuest, Inc.
- filed_at: 2023-03-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1140102/000143774923005093/0001437749-23-005093-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1140102/000143774923005093/hqi20230217_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-005093
- JSON: https://secwatch.observer/filing/0001437749-23-005093.json
- Plain text: https://secwatch.observer/filing/0001437749-23-005093.txt

## Key facts
- Debt Financings
  HireQuest, Inc. incurred credit facility of $50,000,000 with Bank of America, N.A. at BSBY Daily Floating Rate plus a margin between 1.00% and 1.75% per annum maturing February 28, 2028.
  - Instrument: credit facility
  - Principal: $50,000,000
  - Counterparty: Bank of America, N.A.
  - Rate: BSBY Daily Floating Rate plus a margin between 1.00% and 1.75% per annum
  - Maturity: February 28, 2028
  - Event: incurrence
  source text: On February 28, 2023 HireQuest, Inc. (the "Company") and all of its subsidiaries as borrowers (collectively with the Company, the "Borrowers") entered into a Revolving Credit and Term Loan Agreement with Bank of America, N.A. (the "Bank") for a $50,000,000 revolving facility (the " Senior Credit Facility "), which includes a $20,000,000 sublimit for the issuance of standby letters of credit (each a " Letter of Credit ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1140102/000143774923005093/0001437749-23-005093-index.htm
- Material Agreements
  HireQuest, Inc. entered into Revolving Credit and Term Loan Agreement with Bank of America, N.A. valued at $50,000,000 (effective 2023-02-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A.
  - Value: $50,000,000
  - Effective: 2023-02-28
  source text: On February 28, 2023 HireQuest, Inc. (the "Company") and all of its subsidiaries as borrowers (collectively with the Company, the "Borrowers") entered into a Revolving Credit and Term Loan Agreement with Bank of America, N.A. (the "Bank") for a $50,000,000 revolving facility (the “ Senior Credit Facility ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1140102/000143774923005093/0001437749-23-005093-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.