secwatch.observer — SEC 8-K summary
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Issuer:     HireQuest, Inc. (HQI)
CIK:        0001140102
Form:       8-K
Filed at:   2023-03-01T23:59:59+00:00
Accession:  0001437749-23-005093
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1140102/000143774923005093/0001437749-23-005093-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1140102/000143774923005093/hqi20230217_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-005093

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer