CBIZ EXPANDS ITS UNSECURED CREDIT FACILITY TO $600 MILLION AND EXTENDS MATURITY DATE TO 2027
CLEVELAND, May 25, 2022 /PRNewswire/ — CBIZ, Inc., (NYSE: CBZ) today announced the extension of its unsecured credit facility of $400 million at $600 million. Under the amended agreement, the maturity date of the credit facility is increased to five years and includes an accordion provision that allows lenders to extend an additional period $200 million at a later date. Other changes to the terms of the agreement provide additional flexibility to support the company’s continued growth.
“In 2021, CBIZ experienced exceptional revenue growth and this momentum continued throughout the first quarter of this year. Our growth is the result of the substantial strategic investments we have made in our people, systems, processes and acquisitions,” said Jerry Grisko, President and CEO of CBIZ. “These investments allow us to bring incredible value to our team and our customers. Our new expanded credit facility will allow us to continue to invest and fuel the future growth of our business.”
“We appreciate the support of our banking partners and are delighted to have secured the increased size and flexibility of the Modified Credit Facility,” added Ware Grove, Chief Financial Officer. “Since the start of 2020, we have completed 14 strategic acquisitions and repurchased over 5.5 million shares, or approximately 10% of the outstanding shares, of our common stock. Our strong balance sheet, earnings and cash flow generated from our business, combined with the new expanded credit facility will accelerate the strategic deployment of capital to support continued growth. »
CBIZ is a leading provider of financial, insurance and business advisory services worldwide. United States. Financial services include accounting, tax, government health care consulting, transaction consulting, risk consulting and valuation services. Insurance services include benefits consulting, pension consulting, property and casualty insurance, payroll and human capital consulting. With over 100 offices in 32 states, CBIZ is one of the largest insurance accounting and brokerage providers in the United States. For more information, visit www.cbiz.com.
The forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. . These risks and uncertainties include, but are not limited to, the impact of COVID-19 on the business and operations of the Company and those of our customers; the Company’s ability to adequately manage and sustain its growth; the Company’s dependence on the current trend to outsource business services; the Company’s dependence on the services of its CEO and other key employees; competitive pricing pressures; general commercial and economic conditions; and changes in government regulations and tax laws affecting the company’s insurance business or business services business. A more detailed description of these risks and uncertainties can be found in the Company’s filings with the Securities and Exchange Commission at www.sec.gov.
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