BOCA RATON, Fla.--(BUSINESS WIRE)--
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.
"With this transaction we are able to take advantage of attractive
financing terms in today's market, which, among other things, will
result in slightly reduced borrowing costs. We are also pleased that all
the lenders in our previous revolving credit facility have demonstrated
continued confidence in the Company with their on-going participation in
our new credit facility," said Emil Hensel, Chief Financial Officer of
Cross Country Healthcare, Inc.
About Cross Country Healthcare
Cross Country Healthcare, Inc. is a diversified leader in healthcare
staffing services offering a comprehensive suite of staffing and
outsourcing services to the healthcare market that include nurse and
allied staffing, physician staffing, clinical trial services and other
human capital management services. The Company believes it is one of the
top two providers of travel nurse and allied staffing services; one of
the top four providers of temporary physician staffing (locum tenens)
services; as well as a leading provider of clinical trial staffing
services, retained physician search services and educational seminars
specifically for the healthcare marketplace. On a company-wide basis,
Cross Country Healthcare has approximately 4,100 contracts with
hospitals and healthcare facilities, pharmaceutical and biotechnology
customers, and other healthcare organizations to provide our healthcare
staffing and outsourcing solutions. 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 at this website
to automatically receive the Company's press releases, SEC filings and
other notices by e-mail.
Cross Country Healthcare, Inc.
Howard A. Goldman,
877-686-9779
Director/Investor & Corporate Relations
hgoldman@crosscountry.com
Source: Cross Country Healthcare, Inc.
News Provided by Acquire Media
