AMN Healthcare Services AHS, healthcare's workforce innovator and largest provider of staffing
services, announced that it has refinanced its existing 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.
Forward-Looking Statements
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.
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