Medical Staffing $155 million credit facility to launch May 31

By Sara Rosenberg

New York, May 18 - Medical Staffing Network Holdings Inc. has scheduled a bank meeting for May 31 to launch its proposed $155 million senior secured credit facility, according to a market source.

General Electric Capital Corp. is the lead bank on the deal.

The facility consists of a $30 million six-year revolver, a $100 million six-year first-lien term loan and a $25 million seven-year second-lien term loan.

Proceeds will be used to fund the $92 million cash acquisition of InteliStaf Holdings Inc., refinance Medical Staffing Network's existing debt and provide for working capital and general company purposes.

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the second or third quarter.

Medical Staffing Network is a Boca Raton, Fla., provider of per diem nurse staffing services. InteliStaf is an Oakbrook Terrace, Ill., health care staffing company.

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