Cross Country draws on revolver for AKOS purchase

By Sara Rosenberg

New York, June 6 - Cross Country Healthcare Inc. used borrowings under its revolving credit facility to fund the acquisition of AKOS Ltd., according to a company news release.

Cross Country bought AKOS, a provider of drug safety/pharmacovigilance, regulatory and clinical trial services, for up to $14 million in cash, consisting of an up-front payment and potential earn-out payments in 2007 and 2008, based on performance in these years.

Cross Country is a Boca Raton, Fla.-based provider of health care staffing services.

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