AMN $118 million term loans led by Bank of America, GE and SunTrust

By Sara Rosenberg

New York, Aug. 6 - AMN Healthcare Services Inc.'s proposed $118 million of incremental loans is being led by Bank of America, GE Capital and SunTrust, with Bank of America the left lead, according to a market source.

The debt is comprised of a $68 million term loan B add-on (Ba2) and a new $50 million second-lien term loan (B1).

In addition, the company also expects to amend and extend its existing $107 million term loan B and revolver.

A conference call to launch the transaction is expected to take place soon.

The new debt is in connection with the company's acquisition of Nursefinders Inc. for roughly 6.3 million shares of AMN common stock and about 5.7 million shares of AMN series A conditional convertible preferred stock.

Proceeds from the incremental loans will be used to refinance Nursefinders' $132 million of bank debt.

The transaction is expected to close in the third quarter, subject to customary conditions, regulatory approvals and receipt of debt financing.

AMN is a San Diego-based health care staffing and workforce services company. Nursefinders is an Arlington, Texas-based provider of clinical workforce managed services programs.

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