Administaff Secures $36M Financing

Administaff, Inc. (NYSE: ASF), one of the nation's larger Professional Employer Organization (PEO), yesterday announced it has secured a binding commitment letter from General Electric Capital Business Asset Funding Corporation for a $36 million mortgage that is expected to close later this month. The new financing, which is contingent upon the completion of standard documentation and customary conditions, will bear interest at a variable rate equal to the 30-day LIBOR rate (currently 1.4%) plus 2.9%. This variable rate is subject to a floor of 4.5%. The mortgage will be secured by real estate...