HireQuest, a national franchisor of on-demand, temporary and commercial staffing services, closed a $63.2 million credit facility comprised of a $60 million revolving credit facility and a $3.2 million term loan with Truist (formerly BB&T), the company’s existing lender. The new facility replaces the company’s prior $30 million revolving credit facility.
“This facility will help to fund the day-to-day operations of our existing franchisees. We also expect it to assist in our strategic growth initiatives,” Richard Hermanns, CEO of HireQuest, said. “Combined with the cash generated from operations, access to this facility should provide HireQuest with greater capacity and flexibility to capitalize on future growth opportunities.”
HireQuest used some proceeds from the term loan to pay off its prior credit facility and to pay transaction fees and expenses incurred as part of this transaction. The new revolving credit facility matures on June 29, 2026, and the term loan matures on June 29, 2036.
