Cross Country Healthcare Enters into New $75M Credit Facility
Cross Country Healthcare, Inc. (Nasdaq: CCRN) announced today 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.
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