Chemed gets $550 million restated five-year revolver, term loan

By Marisa Wong

Los Angeles, June 29 – Chemed Corp. announced it entered into $550 million of amended and restated senior secured credit facilities on June 28, according to a press release and 8-K filing with the Securities and Exchange Commission.

The amended and restated credit facilities consist of a $450 million five-year revolver as well as a $100 million five-year term loan.

An expansion feature is included in the credit facilities that gives Chemed the opportunity to increase its revolver and or term loan by an additional $250 million.

Borrowings bear interest at adjusted term SOFR+ 10 basis points CSA plus an additional tiered rate that varies based on Chemed’s current leverage ratio. The applicable margin ranges from 100 bps to 175 bps and is initially 100 bps.

The commitment fee ranges from 12.5 bps to 25 bps, also based on the leverage ratio.

JPMorgan Chase Bank, NA acted as administrative agent and left lead bookrunner and lead arranger. Bank of America, NA was syndication agent and joint bookrunner. PNC Bank NA was the documentation agent.

Based in Cincinnati, Chemed operates two wholly owned subsidiaries: Vitas Healthcare and Roto-Rooter. Vitas is a provider of end-of-life hospice care, and Roto-Rooter is a provider of plumbing and drain cleaning services.

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