AMN Healthcare lifts revolver limit to $50 million, adds accordion

By Susanna Moon

Chicago, July 26 - AMN Healthcare Services, Inc. said AMN Healthcare, Inc. amended its credit agreement Monday with Bank of America, NA as administrative agent.

The revolver under the first-lien agreement was increased to $50 million from $40 million, and an accordion now allows up to $15 million more under the revolver with a minimum increase of $5 million, according to an 8-K filing with the Securities and Exchange Commission.

AMN also adjusted the financial covenants and reduced the amount of mandatory excess cash flow prepayments after each fiscal year in some circumstances.

The amendment also modified the period of time permitted for cash integration adjustments for the calculation of consolidated EBITDA to include the fiscal quarters ending March 31, 2012, June 30, 2012 and Sept. 30, 2012.

Interest will continue to be Libor plus 550 basis points. There is an unused fee of 75 bps.

There are no mandatory reductions in the revolving commitment.

AMN is required to make additional mandatory prepayments with the proceeds of asset sales, extraordinary receipts, debt issuances and equity issuances as well as a percentage of annual excess cash flow.

The revolver matures on Aug. 31, 2014.

AMN is a San Diego-based health-care staffing and workforce services company.

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