AMN Healthcare Announces Completion of New Credit Agreement
SAN DIEGO, April 9, 2012 /PRNewswire/ -- AMN Healthcare Services, Inc. (NYSE: AHS), 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.
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. Such statements include the Company's performance, outlook and intentions with regard to its debt. The Company based these forward-looking statements on its current expectations, estimates, forecasts and projections about future events. 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," "should," "would," "project," "may," 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, 2011, its other periodic reports, including its quarterly reports, as well as its current and other reports filed with the SEC. These statements reflect the company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time.
SOURCE AMN Healthcare Services, Inc.