BOCA RATON, Fla.--(BUSINESS WIRE)--
Cross Country Healthcare, Inc. (Nasdaq: CCRN) announced today it has
entered into an agreement to amend its Second Lien Loan and Security
Agreement. Under the terms of the amendment, the interest rate on the
term loan was modified at no cost from LIBOR (1% floor) plus 6.50% to
LIBOR (1% floor) plus a rate from the table below:
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Pricing Level
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Total Net Leverage Ratio
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Applicable Margin
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I
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Less than 2.50:1.00
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4.75%
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II
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Greater than or equal to 2.50:1.00
but less than or equal to 3.25:1.00
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5.25%
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III
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Greater than 3.25:1.00
but less than or equal to 4:00:1.00
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5.75%
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IV
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Greater than 4.00:1.00
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6.50%
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Above terms defined in accordance with the Second Lien Loan and
Security Agreement.
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As of June 30, 2015, this term loan had an outstanding balance of $30
million.
"We took the opportunity to amend our loan agreement at no cost based on
a favorable credit market, our improved credit profile and the strength
of the relationship with our second lien lender," said William J.
Grubbs, President and CEO of Cross Country Healthcare, Inc. "Based on
our current profitability and level of indebtedness, we expect to reduce
our term loan interest rate by 175 basis points as of July 1, 2015,
which provides a meaningful reduction in our cost of borrowing."
About Cross Country Healthcare
Cross Country Healthcare, Inc., headquartered in Boca Raton, Florida, is
a national leader in providing leading-edge healthcare workforce
solutions. Our solutions are geared towards assisting our clients solve
labor cost issues while maintaining high quality outcomes. With more
than 30 years of experience, we are dedicated to placing highly
qualified nurses and physicians as well as allied health, advanced
practice, clinical research, and case management professionals. We
provide both retained and contingent placement services for physicians,
as well as retained search services for healthcare executives. We have
more than 6,000 active contracts with a broad range of clients,
including acute care hospitals, physician practice groups, nursing
facilities, rehabilitation and sports medicine clinics, government
facilities, as well as nonclinical settings such as homecare and
schools. Through our national staffing teams and network of more than 70
branch office locations, we are able to place clinicians for travel and
per diem assignments, local short-term contracts and permanent
positions. We are a market leader in providing flexible workforce
management solutions, which include managed services programs (MSP),
workforce assessments, internal resource pool consulting and
development, electronic medical record (EMR) transition staffing and
recruitment process outsourcing. In addition, we provide education and
training programs for healthcare professionals through seminars and
e-learning tools.
Copies of this and other news releases as well as additional information
about Cross Country Healthcare can be obtained online at www.crosscountryhealthcare.com.
Shareholders and prospective investors can also register to
automatically receive the Company's press releases, SEC filings and
other notices by e-mail.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722006128/en/
Cross Country Healthcare, Inc.
William J. Grubbs, 561-237-6202
President
and Chief Executive Officer
wgrubbs@crosscountry.com
Source: Cross Country Healthcare, Inc.
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