AMN Healthcare Services Inc., a San Diego-based nurse staffing company, said April 9 that it refinanced its existing credit facility with a new $250 million credit agreement.
The package 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 loan will initially bear interest of Libor plus 4.75 percent, with a floor of 1.25 percent on Libor. Both lines have interest rate step-downs based on the company’s financial leverage, AMN said.
“Our new credit agreement significantly reduces our average cost of debt, extends our debt maturity and provides a more flexible covenant structure,” said Brian Scott, AMN’s chief financial officer.