On Assignment Announces New $500 Million Credit Facility

  On Assignment Announces New $500 Million Credit Facility

Business Wire

CALABASAS, Calif. -- May 16, 2013

On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified
professional staffing solutions, announced today that it has closed on a new
$500 million credit facility, which is a refinancing of the previous credit

The new $500 million facility consists of a $125 million revolving line of
credit, a $100 million 5-year term A loan and a $275 million 7-year term B
loan. The revolving line of credit and the term A loan bear interest at LIBOR
plus 1.75% to 2.5% depending on the leverage ratio. At closing, the interest
rate on these borrowings is LIBOR (with no LIBOR floor) plus 2.0% and
borrowings under the revolver were $8.5 million. The term B loan bears
interest at LIBOR (with a LIBOR floor of 1%) plus 2.5%.

Peter Dameris, President and CEO of On Assignment stated, “We are very pleased
with the outcome of this refinancing. Our interest rate is reduced by 150
basis points on our term B loan and 75 to 125 basis points on the revolver and
term A loan and we have greater borrowing capacity and flexibility for future
acquisitions and stock repurchases.” Mr. Dameris continued, “We were able to
accomplish these improvements in terms because of the favorable credit markets
and our higher credit agency ratings, which was the result of our strong
financial performance and our demonstrated ability to generate cash and reduce

Additional details regarding the company’s new credit facility are set forth
in its Current Report on Form 8-K filed with the Securities and Exchange
Commission on May 16, 2013.

About On Assignment

On Assignment, Inc. (NYSE: ASGN), is a leading global provider of in-demand,
skilled professionals in the growing technology, healthcare and life sciences
sectors, where quality people are the key to success.The Companygoes beyond
matching résumés with job descriptions to match people they know into
positions they understand for temporary, contract-to-hire, and direct hire
assignments. Clients recognize On Assignment for their quality candidates,
quick response, and successful assignments. Professionals think of On
Assignment as career-building partners with the depth and breadth of
experience to help them reach their goals.

On Assignment was founded in 1985 and went public in 1992. The corporate
headquarters are located in Calabasas, California, with a network of
approximately 130 branch offices throughout the United States, Canada, United
Kingdom, Netherlands, Ireland and Belgium. Additionally, physicianplacements
are made in Australia and New Zealand. To learn more, visit


On Assignment
Ed Pierce
Chief Financial Officer
(818) 878-7900
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