Connecting to LinkedIn...

Blank

Cross Country Healthcare Enters into New Credit Facility

Cross Country Healthcare Enters into New Credit Facility

Cross Country Healthcare, Inc has  announced that it has entered into a new 5-year $75 million credit facility with Wells Fargo Bank and certain other lenders, which consists of a $50 million senior secured revolving credit facility and a $25 million term loan due July 10, 2017. The revolving line of credit and term loan each bear interest initially at LIBOR plus 200 basis points, with no LIBOR floor. The new credit facility provides an accordion feature to increase the revolving line of credit by up to an additional $25 million. Proceeds were used to repay in full the Company's prior term loan debt of $35.7 million and to pay related transaction costs.

"With this transaction we are able to take advantage of attractive financing terms in today's market, which, among other things, will result in slightly reduced borrowing costs. We are also pleased that all the lenders in our previous revolving credit facility have demonstrated continued confidence in the Company with their on-going participation in our new credit facility," said Emil Hensel, Chief Financial Officer of Cross Country Healthcare, Inc.

Tags:

Articles similar to

Articles similar to