AMN Healthcare announces refinancing of its outstanding credit facilities
The new credit facilities consist of a $150 million secured term loan and $225 million secured revolving line of credit. Loans under the new credit facilities bear interest at per annum floating rates that are adjusted quarterly based on the Company's leverage ratio. Based on the Company's leverage ratio at the closing, the Company's interest rate effective April 24, 2014 will be LIBOR plus 175 basis points. The credit facilities mature in April 2019.
"Our new credit agreement significantly reduces our average cost of debt by over 100 basis points and provides flexibility to pursue opportunistic investments in strategic healthcare workforce solutions," said Brian M. Scott, Chief Financial Officer of AMN Healthcare. "We believe the combination of a favorable financing market, AMN's financial performance and a positive long-term industry outlook made this the appropriate time to refinance our credit facilities."
Additional details regarding the Company's new credit agreement are set forth in its Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 21, 2014.
About AMN Healthcare
AMN Healthcare is the innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. AMN Healthcare's workforce solutions - including managed services programs, vendor management systems, and recruitment process outsourcing - enable providers to successfully reduce complexity, increase efficiency and improve patient outcomes within the rapidly evolving healthcare environment. The Company provides unparalleled access to the largest network of quality clinicians and physicians through its innovative recruitment strategies and breadth of career opportunities. Clients include acute-care hospitals, government facilities, community health centers and clinics, physician practice groups and many other healthcare settings. AMN Healthcare disseminates news and information about the Company through its website, which can be found at www.amnhealthcare.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company based these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may," "estimates," variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and its other periodic reports as well as the Company's current and other reports filed from time to time with the Securities and Exchange Commission. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time.
Amy C. Chang