BBSI Issues Letter of Credit for Comp Program Restructuring

Barrett Business Services Inc. is receiving a letter of credit from its primary lender as part of a strategy to reduce costs from its workers’ compensation program. The letter of credit will help with a restructuring of the program, which will produce cost reductions greater than the costs of the letter of credit, Gary Kramer, BBSI’s chief financial officer, said in a news release. According to a filing with the Securities and Exchange Commission, BBSI on June 22 finalized a revised credit facility with Wells Fargo Bank, National Association, to achieve cost reductions in its wor...