Insight Enterprises, Inc. Amends Its $150 Million Asset Based Securitization Agreement
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Obtains New 364-Day Term
TEMPE, Ariz.--(Business Wire)--
Insight Enterprises, Inc. (Nasdaq: NSIT) (the "Company") today announced that on
July 24, 2009, it entered into Amendment No. 11 (the "Amendment") to the
existing Receivables Purchase Agreement (as amended, the "RPA") among Insight
Receivables, LLC, the Company, JPMorgan Chase Bank, N.A., and JS Siloed Trust.
The Amendment added PNC Bank, National Association, and Market Street Funding
LLC to the facility, added software receivables from the legacy Software
Spectrum business, and established a new 364-day period, ending July 23, 2010,
for the facility. The financing costs under the RPA are variable, calculated as
the specified Pooled Commercial Paper Rate, as defined in the RPA, plus 2.25%,
an increase from such rate plus 1.50%. The Amendment also includes changes to
the RPA which reduce the amount of Eligible Receivables, including a reduction
for aged credits and a deferral related to changes in recognition of sales at
delivery as opposed to shipment.
"We are pleased to have obtained the amendment to our ABS Facility in this
still-uncertain credit environment," commented Glynis Bryan, Chief Financial
Officer of Insight. "Our lenders have continued to support us, and through this
amendment, we expanded our relationship with one of our existing banking
partners with the addition of PNC to the facility," added Bryan.
About Insight
Insight Enterprises, Inc. is a leading provider of brand-name information
technology ("IT") hardware, software and services to large enterprises, small-
to medium-sized businesses and public sector institutions in North America,
Europe, the Middle East, Africa and Asia-Pacific. The Company has more than
4,000 teammates worldwide and generated sales of $4.8 billion for its most
recent fiscal year, which ended December 31, 2008. Insight is ranked number 484
on Fortune magazine's 2009 'Fortune 500' list. For more information, please call
480-902-1001 in the United States or visit www.insight.com.
Insight Enterprises, Inc., Tempe
Helen Johnson
SVP, Treasurer
480-333-3234
hjohnson@insight.com
Copyright Business Wire 2009
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