Hall, Kinion & Associates, Inc. (Nasdaq: HAKI), The Talent Source®, announced today that it signed an agreement for a $16.0 million secured credit facility with CIT Business Credit, a unit of CIT Group Inc. (NYSE: CIT).
The new three-year renewable credit facility of $16.0 million will replace an existing $12.0 million facility and will be used to fund operations. Availability on the line of credit will be determined by the lesser of:
· 85% of eligible accounts receivable less certain reserves, or;
· Cash collected during the most recent 45-day period, or;
· The full amount of the facility less certain reserves.
"We are pleased to announce the closing of a new credit facility with the CIT Group and look forward to a mutually beneficial relationship," stated Brenda Rhodes, Chairman and CEO.
