SAN DIEGO, April 9, 2012 /PRNewswire/ -- AMN Healthcare Services, Inc. (NYSE: AHS - News), the nation's innovator in healthcare workforce solutions, today announced that it has refinanced its existing credit facilities with a new $250 million credit agreement.
The new credit agreement consists of a $200 million secured term loan and $50 million secured revolving line of credit, maturing in April 2018 and April 2017, respectively. The term loan will initially bear interest at LIBOR plus 475 basis points, with a 1.25% LIBOR floor, and the revolving line of credit will initially bear interest at LIBOR plus 425 basis points. Both facilities have interest rate step downs based on the Company's financial leverage.
"Our new credit agreement significantly reduces our average cost of debt, extends our debt maturity, and provides a more flexible covenant structure," said Brian M. Scott, Chief Financial Officer of AMN Healthcare. "We believe the combination of a favorable financing market, AMN's improved financial performance and a positive industry outlook made this the appropriate time to refinance our credit facilities. For the foreseeable future, we intend to continue utilizing our improving free cash flow to reduce our long-term debt balance."
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 9, 2012.
About AMN Healthcare Services AMN Healthcare Services, Inc. is the nation's innovator in healthcare workforce solutions, including managed services programs, recruitment process outsourcing solutions, recruitment and placement of healthcare professionals into temporary and permanent positions, and consulting services. Clients include acute-care hospitals, government facilities, community health centers and clinics, physician practice groups, and a host of other healthcare settings. AMN achieves unparalleled access to quality healthcare talent through its innovative recruitment strategies and breadth of compelling career-building opportunities offered to healthcare professionals. For more information, visit http://www.amnhealthcare.com.
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