Hudson Global, Inc. Enters into Amendment No. 3 to the Loan and Security Agreement; Jon F. Chait, Not to Seek Re-Election to the Board of Directors
January 07, 2013 at 08:28 am EST
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On December 31, 2012, Hudson Global Inc. and certain of its North American and U.K. subsidiaries entered into amendment no. 3 to the loan and security agreement among the company, certain of its North American and U.K. subsidiaries and RBS Citizens Business Capital. The amendment effects the following material changes to the revolver agreement: increases the company's required minimum excess availability from $7.5 million to $10.0 million until such time that, for two consecutive fiscal quarters, the company's fixed charge coverage ratio (calculated without including 'special 2012/2013 restructuring charges' in the numerator) is at least 1.2x (such occurrence), at which time the company's required minimum excess availability is reduced to $5.0 million; imposes additional requirements on the borrowers and guarantors under the revolver agreement related to transactions with affiliates; and removes the minimum required fixed charge coverage ratio until such time that a trigger event occurs, at which time a minimum required fixed charge coverage ratio of 1.1x is reinstated.
The company announced that on December 31, 2012, Jon F. Chait, a director of the company, notified the company that he will not seek re-election to the board of directors of the company.
Hudson Global, Inc. is a total talent solutions provider, which operates under the brand name Hudson RPO. The Company delivers customized recruitment outsourcing and total talent solutions to organizations worldwide. The Companyâs core service offering is RPO, consisting of RPO and contracting services. It provides complete recruitment outsourcing, project-based outsourcing and recruitment consulting for clientsâ permanent staff hires. The Company provides clients with a range of outsourced professional contract staffing services and managed service provider services sometimes offered on a standalone basis and sometimes as part of a blended total talent solution. These services draw upon a combination of specialized recruiting and project management competencies to deliver a range of solutions. Its clientele includes mid-to-large-cap multinational companies and government agencies. The Company operates in 14 countries with three geographic segments: Americas, Asia Pacific, and Europe.
HUDSON GLOBAL, INC. 
