BRADENTON, Fla., May 10, 2007 (PRIME NEWSWIRE) -- Gevity (Nasdaq:GVHR), which serves as the full-service human resources department for small and mid-sized businesses, announced today that it has amended its unsecured credit facility with Bank of America, increasing the committed facility from $50 million to $75 million.
The amended facility includes an "accordion" feature under which Gevity, subject to commitments from existing or new lenders, may increase the maximum availability of the facility up to $100 million. The other key terms of the credit facility, which expires August 2011, remain unchanged. The credit facility may be used for general corporate purposes, including funding organic growth, acquisitions, capital expenditures, cash dividends and share repurchases.
"The favorable terms of this amended credit facility are a confirmation of Gevity's financial strength, while the expansion of the facility further enhances our ability to optimally manage returns, shareholder value and company growth," commented Erik Vonk, Gevity's Chairman and Chief Executive Officer.
About Gevity
Thousands of small and mid-sized businesses nationwide leverage the flexibility and scalability of Gevity's human resources (HR) solution to help them maximize the return on investment in their people. Essentially, Gevity serves as the full-service HR department for these businesses, providing each employee with support previously only available at much larger companies. Gevity delivers the Gevity Edge(tm), a comprehensive solution comprised of innovative management and administration services, helping employers to streamline HR administration, optimize HR practices, and maximize people and performance. This solution enables both businesses and their employees to achieve their full potential, giving them an edge over competitors. Gevity's unique approach features Gevity OnSite(tm), experienced HR Consultants based in local markets backed by nationwide resources and easy-to-use technology, including Gevity OnLine(tm) and Gevity OnCall(tm). For more information, call 1.800.2GEVITY (1.800.243.8489) or visit gevity.com.
A copy of this press release can be found on the company's Web site at www.gevity.com.