Administaff Closes $36M Financing

Administaff, Inc. (NYSE: ASF), a Professional Employer Organization (PEO), Friday announced the closing and funding of a $36 million mortgage with General Electric Capital Business Asset Funding Corporation. As previously announced, the new financing bears interest at a variable rate equal to the 30-day LIBOR rate (currently 1.4%) plus 2.9%, and is subject to a floor of 4.5%. The mortgage is payable in monthly installments of approximately $230,000 over five years, with the remaining balance due upon maturity in January 2008. Secured by real estate located at Administaff's headquarters in King...