Short-Term Borrowings

6 Months Ended

Jun. 30, 2015

Short-term Debt [Abstract]

Short-term Debt [Text Block]

Short-Term Borrowings

On November 30, 2012, CDI Corp., its direct wholly-owned subsidiary, CDI Corporation, and its indirect subsidiary, CDI AndersElite Limited (each a “Borrower”), entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. (the “Bank”). The Credit Agreement established a $75.0 million revolving line of credit facility (including a $5.0 million UK overdraft facility) that expires on November 29, 2017. The Company intends to repay outstanding borrowings under the Credit Agreement as of June 30, 2015 during the next twelve months and as a result has recorded these borrowings in "Short-term borrowings" in the consolidated balance sheets. Borrowings under this line of credit may be used by the Company and the other Borrowers for general business purposes or for letters of credit.

As of June 30, 2015, the Company had outstanding borrowings of $3.1 million, letters of credit outstanding of $3.2 million and $58.9 million is available to borrow under the Credit Agreement. Borrowings under the Credit Agreement may be limited from time to time by certain financial covenants. The Company was in compliance with all covenants under the Credit Agreement as of June 30, 2015. Interest was payable at a rate of 1.72% per annum for outstanding borrowings as of June 30, 2015.

As of December 31, 2014, the Company had outstanding borrowings of $1.3 million, letters of credit outstanding of $3.2 million and $70.5 million available to borrow under the Credit Agreement. The Company was in compliance with all covenants under the Credit Agreement as of December 31, 2014. As of December 31, 2014, the Company had an unsecured $0.4 million letter of credit outstanding under an agreement with TD Bank, N.A.