GEE Group obtains lender consent for $20M stock repurchase program through Dec 2023

GEE Group Inc.

Amendment consents to 2023 stock repurchase program up to $20M aggregate, subject to no default.
Benchmark rate replaced from LIBOR to Term SOFR plus conforming changes in credit agreement.
Condition subsequent to satisfy tax lien filed against subsidiary BMCH, Inc. within 30 days.
Borrowers and guarantors reaffirm all obligations, liens, and security interests under loan documents.
Amendment effective May 18, 2023; representations and warranties reaffirmed, no default after giving effect.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GEE Group Inc. entered into Consent and Amendment No. 1 to the Loan and Security and Guarantee Agreement with CIT BANK, a division of First-Citizen Bank & Trust Company valued at Consent to $20,000,000 stock repurchase program; replacement of LIBOR with SOFR (effective 2023-05-18).

Action: entry
Agreement: credit facility
Counterparty: CIT BANK, a division of First-Citizen Bank & Trust Company
Value: Consent to $20,000,000 stock repurchase program; replacement of LIBOR with SOFR
Effective: 2023-05-18

Exact text from the filing

On May 18, 2023, GEE Group Inc. (the “ Company ”) (NYSE American: JOB) entered into a Consent and Amendment No. 1 to the Loan and Security and Guarantee Agreement, dated as of May 18, 2023 (the “ Amendment ”), by and among the Company, certain Subsidiaries of the Company as Borrowers, the Guarantors, the financial institutions party to the agreement from time to time as the Lenders, and CIT BANK, a division of First-Citizen Bank & Trust Company (successor by merger to CIT Bank, N.A.) (the “ CIT ”), as Agent for the Lenders.

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Source: SEC EDGAR

accession 0001477932-23-003960

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