Barrett Business Services (NASDAQ: BBSI) extends $50M credit line

Rhea-AI Filing Summary

Barrett Business Services, Inc. updated its main bank credit facility with Wells Fargo Bank, National Association. The company signed a Second Amendment to its Third Amended and Restated Credit Agreement and a Sixth Amended and Restated Revolving Line of Credit Note. These changes extend the company’s $50.0 million revolving credit line from July 1, 2026 to August 1, 2028, giving it committed access to this financing for two additional years. The amendment also reduces the unused commitment fee on the daily unused portion of the line from 0.35% to 0.30% per annum. All other material terms and conditions of the credit arrangements remain as previously described in the company’s June 30, 2025 Form 10-Q.

Insights

Credit and capital structure analyst

BBSI extends its $50M bank revolver to 2028 with a slightly lower unused fee.

Barrett Business Services amended its core credit facility with Wells Fargo, keeping the revolving line size at $50.0 million but pushing the maturity from July 1, 2026 to August 1, 2028. This preserves access to committed bank liquidity for an additional two years without increasing the borrowing capacity.

The amendment trims the unused commitment fee from 0.35% to 0.30% per year on the undrawn balance, modestly reducing carrying costs when the line is not fully utilized. The company states that all other material terms and conditions remain unchanged from those disclosed in its June 30, 2025 quarterly report.

Because there is no change to the facility size and no new borrowing disclosed, this looks like a routine but favorable extension rather than a transformative capital event. Future filings may provide detail on actual utilization of the $50.0 million line under the extended maturity.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

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

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

FAQ

What did Barrett Business Services (BBSI) disclose in this 8-K?

The company entered into amendments with Wells Fargo Bank, National Association to update the terms of its revolving credit facility, including extending the maturity and adjusting the unused commitment fee.

What is the size and new maturity date of BBSIs revolving credit line?

BBSIs revolving credit line remains at $50.0 million, and the amendment extends its maturity from July 1, 2026 to August 1, 2028.

How did the unused commitment fee change in BBSIs credit facility?

The unused commitment fee on the daily unused portion of the credit line was reduced from 0.35% to 0.30% per annum under the amended terms.

Did any other key terms of BBSIs credit agreement change?

The company states that all other material terms and conditions of the Credit Agreement and Revolving Line of Credit Note remain unchanged from those described in Note 4 to its Form 10-Q for the quarter ended June 30, 2025.

Who is BBSIs principal bank under the amended credit facility?

The revolving credit facility is with Wells Fargo Bank, National Association, identified as the companys principal bank in the disclosure.

Where can investors find the full text of the amended credit agreements for BBSI?

Copies of the Second Amendment and the Sixth Amended and Restated Revolving Line of Credit Note are filed as Exhibits 4.1 and 4.2 to the report and are incorporated by reference.

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Accepted by SEC EDGAR 09/22/2025 - 05:43 PM Learn about SEC filing dates

0000902791false00009027912025-09-222025-09-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 22, 2025

BARRETT BUSINESS SERVICES, INC.

(Exact name of Registrant as Specified in Its Charter)

Maryland			0-21886	52-0812977
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
8100 NE Parkway Drive Suite 200
Vancouver, Washington				98662
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (360) 828-0700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		BBSI		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

The disclosure included under Item 2.03 is incorporated by reference.

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

On September 22, 2025, Barrett Business Services, Inc. (the "Company") entered into amendments to its credit facility with its principal bank, Wells Fargo Bank, National Association (the "Bank"). The updated terms are set forth in the Second Amendment (the "Amendment") to the Third Amended and Restated Credit Agreement dated March 1, 2022 (the "Credit Agreement"), and the Sixth Amended and Restated Revolving Line of Credit Note (the "Amended Revolving Line of Credit Note").

The Amendment to the Credit Agreement extends the Company's $50.0 million revolving credit line from July 1, 2026 to August 1, 2028 and reduces the unused commitment fee from 0.35% to 0.30% per annum on the daily unused portion of the credit line. The Amended Revolving Line of Credit Note reflects the same extension of the Company's line of credit to August 1, 2028.

All other material terms and conditions of the Credit Agreement and Revolving Line of Credit Note (together, the "Amended Credit Agreements") remain unchanged from those described in Note 4 to the Company's unaudited interim condensed consolidated financial statements included in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission (the "SEC") on August 7, 2025.

The foregoing description of the Amended Credit Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Credit Agreements, copies of which are filed as Exhibit 4.1 and Exhibit 4.2 to this report and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
4.1	Second Amendment, effective as of August 1, 2025, to Third Amended and Restated Credit Agreement between the Registrant and Wells Fargo Bank, National Association.
4.2	Sixth Amended and Restated Revolving Line of Credit Note effective August 1, 2025 of the Registrant.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BARRETT BUSINESS SERVICES, INC. Registrant
Dated: September 22, 2025		By:	/s/ Anthony J. Harris
			Anthony J. Harris Executive Vice President and Chief Financial Officer and Treasurer