Asgn incorporated closes previously offering of $550 million in aggregate principal amount of 4.625% senior notes due 2028
On november 22, 2019, asgn incorporated (the company") (i) closed its previously announced offering of $550 million in aggregate principal amount of 4.625% senior notes due 2028 (the senior notes") and (ii) entered into the sixth amendment (the sixth amendment") to its second amended and restated credit agreement dated as of june 5, 2015, among the company, each lender party thereto, and wells fargo bank, national association, as administrative agent (as amended, restated, supplemented or modified prior to the sixth amendment, the credit agreement" and as amended by the sixth amendment, the amended credit agreement"). after the payment of fees and expenses in connection with the senior notes offering and the sixth amendment, the company intends to use the remaining proceeds from the senior notes offering to (i) repay all outstanding loans\ under the company's revolving credit facility, (ii) repay all outstanding loans under the company's term loan facility due 2022, and (iii) repay a portion of the outstanding loans under the company's term loan facility due 2025. on november 22, 2019, in connection with the closing of its senior notes offering, the company, the guarantors party thereto and u.s. bank national association, as trustee, entered into an indenture (the senior notes indenture") relating to the senior notes. pursuant to the indenture, the senior notes will bear interest at the rate of 4.625% per annum, payable on may 15 and november 15 of each year beginning on may 15, 2020. the senior notes will mature on may 15, 2028. prior to november 15, 2022, the company may redeem up to 40% of the original aggregate principal amount of the senior notes from the proceeds of certain equity offerings at a redemption price equal to 104.625% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to (but excluding) the date of redemption. the company may redeem some or all of the senior notes, at any time prior to may 15, 2023, at a price equal to 100% of the principal amount thereof, plus any accrued and unpaid interest to the date of redemption, plus a make whole" premium described in the senior notes indenture. in addition, on or after may 15, 2023, the company may redeem some or all of the senior notes at any time at the redemption prices specified in the senior notes indenture, plus any accrued and unpaid interest to the date of redemption. the company is required to offer to purchase the senior notes at 101% of their aggregate principal amount, plus accrued interest to the repurchase date, if specified change in control events occur. the senior notes are the company's senior unsecured obligations and rank equally in right of payment with all of its existing and future senior indebtedness and senior to its future subordinated indebtedness. the senior notes are unconditionally guaranteed by certain of the company's existing and future direct and indirect domestic restricted subsidiaries. the guarantees are unsecured and rank senior to all of the existing and future subordinated indebtedness of such guarantors and rank equally in right of payment with all existing and future liabilities of such guarantors that are not so subordinated. the senior notes and the guarantees are effectively subordinated to the company's existing and future secured indebtedness (including the secured indebtedness under the amended credit agreement) to the extent of the value of the assets securing that indebtedness, and will be structurally subordinated to all of the liabilities of any of the company's subsidiaries that do not guarantee the notes.
