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BRIEF-BG Staffing says acquired all assets and certain liabilities of Zycron Inc
April 6, 2017 / 9:32 PM / 8 months ago

BRIEF-BG Staffing says acquired all assets and certain liabilities of Zycron Inc

April 6 (Reuters) - BG Staffing Inc

* BG Staffing Inc - on April 3, co through its unit acquired substantially all of the assets, and assumed certain of the liabilities, of Zycron Inc

* BG Staffing Inc - company paid $18.5 million cash and issued $1 million of its common stock at closing

* BG Staffing - agreement provides for earn-out payments to Zycron of up to $3 million, provided certain conditions are met, over 2 years following deal

* BG Staffing Inc - in connection with acquisition of assets of zycron on April 3, entered into an amended and restated credit agreement

* BG Staffing Inc - cash at closing was paid out of funds under term loan as part of co’s amended and restated credit agreement with Texas Capital Bank

* BG Staffing Inc - credit agreement provides for a revolving credit facility maturing April 3, 2022

* BG Staffing - credit agreement permits co to borrow funds in amount equal to lesser of borrowing base and lenders’ aggregate commitment of $35 million

* BG Staffing Inc - credit agreement also provides for a term loan maturing April 3, 2022 in amount of $20.0 million Source text: (bit.ly/2oFFnhe) Further company coverage:

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