CBIZ expands credit facility to $275 million

CBIZ expands credit facility

CLEVELAND — CBIZ Inc., a provider of outsourced business services, said Monday it has expanded its unsecured credit facility to $275 million from $214 million.

The company said the new credit facility helps it grow through acquisitions and gives it greater flexibility to refinance its $100 million in subordinated convertible notes.

The new credit facility, which will expire in June 2014, was extended by seven banks and is led by Bank of America NA, CBIZ said.

Company shares rose 17 cents, or 2.6 percent, to $6.70.