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.
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 .