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AMN Healthcare uses revolver borrowings for Advanced acquisition, inks new five-year term loan
By Rebecca Melvin
New York, June 17 – AMN Healthcare Services, Inc. used $51 million available under its existing secured revolving credit facility to finance a portion of the company’s acquisition of Advanced Medical Personnel Services Inc. for $200 million and up to an additional $20 million if Advanced achieves certain financial results as of Dec. 31, the company said in a news release.
AMN Healthcare also amended the credit facility to obtain a new five-year term loan for $150 million extended the maturity of the revolver to June 2024.
The Advanced acquisition is expected to add about $5 million of revenue to second-quarter results and about $70 million to $75 million of revenue in the 2019 second half, with about $10 million adjusted EBITDA for that period.
Fourth-quarter revenue is expected to be about 15% greater than third-quarter revenue due to the seasonality of Advanced's school staffing business.
On a combined basis, AMN's income tax rate for the second half is expected to be 30% due to a higher tax rate for Advanced, which will also add about $0.25 million to depreciation expense in both the third and fourth quarter.
The San Diego-based company provides health care staffing services.
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