AMN to launch $118 million of incremental term loans on Wednesday

By Sara Rosenberg

New York, Aug. 9 - AMN Healthcare Services Inc. is scheduled to hold a conference call on Wednesday to launch its proposed $118 million of incremental loans, according to a market source.

Bank of America, GE Capital and SunTrust are the lead banks on the deal, with Bank of America the left lead.

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.

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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