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Moody's cuts AMN, rates loans Ba2, B1
Moody's Investors Service said it downgraded AMN Healthcare, Inc.'s corporate family rating to Ba3 from Ba2 and assigned a Ba2 rating to the $215 million first-lien credit facility under a proposed amend-and-extend transaction that would upsize the existing term loan by $68 million and a B1 rating to a new $50 million second-lien term loan. The Ba3 probability of default rating was confirmed.
The outlook is stable.
The proceeds will be used to finance a previously announced acquisition of the parent company of Nursefinders, Inc. (Medfinders). The transaction is expected to close in the third quarter and is subject to customary closing conditions, including regulatory approvals and refinancing, the agency said.
From an operational standpoint, Moody's said it views the Medfinders acquisition positively and anticipates the combination of these two companies will create a relatively stronger player with greater scale in the health-care staffing and managed services market.
Nonetheless, an acquisition of this size creates inherent integration risks, the agency said.
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