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Dutch recruitment company Randstad reported on Thursday that its €1.3 billion revolving multi-currency syndicated credit facility has had its maturity extended. This facility will become available in May 2013 and will mature in September 2016.
A revolving credit facility allows corporations to repay their loan balance while also having the facility available to take a new loan.
Randstad and 10 of the 13 participating banks have agreed to extend the maturity of this facility with one year. Under the agreement €300 million will mature in 2016 and the remaining €1 billion in 2017.
In July 2011, Randstad secured a new revolving multi-currency syndicated credit facility of €1.3 billion with a forward start structure.
Randstad is the second-largest staffing firm in the world. The company has been troubled by the European slowdown with profits sliding in the second quarter of the year as both operating profit and net income more than halved.