By Sara Rosenberg
New York, Oct. 21 - Sierra Health Services Inc. amended its revolving credit facility, extending the maturity to Dec. 31, 2009, increasing availability to $100 million from $65 million and reducing the drawn and undrawn borrowing costs, according to an 8-K filed with the Securities and Exchange Commission Thursday.
The current borrowing rate is Libor plus 150 basis points based on this amendment and the company's current financial covenant ratios.
Bank of America is the administrative agent on the deal, Calyon and U.S. Bank are co-syndication agents, Banc of America Securities LLC, Calyon and U.S. Bank are joint bookrunners and Banc of America Securities is the sole lead arranger.
The amendment took effect on Tuesday.
Sierra Health is a Las Vegas-based managed healthcare organization.
Pricing grid
| Consolidated leverage ratio | Libor loans & | Facility fee | All-in drawn cost
|
| LOC fee | for Libor loans
|
| Less than 0.50:1.00 | 0.750% | 0.250% | 1.000%
|
| Greater than 0.50:1.00 but less than 1.00:1.00 | 1.200% | 0.300% | 1.500%
|
| Greater than 1.00:1.00 but less than 1.50:1.00 | 1.375% | 0.375% | 1.750%
|
| Greater than 1.50:1.00 but less than 2.00:1.00 | 1.625% | 0.375% | 2.000%
|
| Greater than 2.00:1.00 | 2.000% | 0.500% | 2.500%
|
|
|
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