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BBSI > SEC Filings for BBSI > Form 8-K on 7-Nov-2012All Recent SEC Filings




Creation of a Direct Financial Obligation or an Obligation under an

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On November 1, 2012, Barrett Business Services, Inc. (the "Company"), entered into a term loan agreement (the "Term Loan") with its principal bank, Wells Fargo Bank, National Association (the "Bank"), for approximately $5.5 million secured by the Company's corporate office building in Vancouver, Washington. The Term Loan requires payment of monthly installments of $18,375 beginning December 1, 2012, and bears interest at the one month LIBOR plus 2.25%, with the unpaid principal balance due November 1, 2017.

The addition of the Term Loan increases the total credit facility disclosed in the Company's current report on Form 8-K, Item 2.03, filed with the Securities and Exchange Commission on September 25, 2012, and incorporated herein by reference, to approximately $29.5 million.

The Term Loan contains customary events of default. If an event of default under the Term Loan occurs and is continuing, the Bank may declare any outstanding obligations under the Term Loan to be immediately due and payable.

Item 7.01. Regulation FD Disclosure

On November 6, 2012, the Company announced that its board of directors had declared a regular quarterly cash dividend of $0.13 per share, an increase of two cents from the previous quarter. The dividend is payable on December 14, 2012, to all stockholders of record as of November 30, 2012.

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