JPMorgan Agents Almost Family Revolver Increase
Almost Family announced it entered into a new five-year $175 million revolving credit facility that increases its financial flexibility through 2020. J.P. Morgan Securities acted as lead bookrunner and arranger, while Bank of America acted as joint lead arranger under the facility, which replaced the company’s previous $125 million credit facility. The facility includes an accordion feature which permits expansion up to $250 million.
William Yarmuth, chief executive officer, commented, “We are extremely pleased to announce this new credit facility which furthers our ability to pursue larger acquisition opportunities and extends our strong credit relationships into the next decade. With the improving reimbursement, regulatory and capital markets environment we are very optimistic about our ability to deploy capital and earn quality returns for our shareholders. We remain very active in seeking acquisition candidates and are looking forward to putting this facility to work.”
Steve Guenthner, president added: “We are very pleased with the results of our syndication effort and we are proud that such a quality group of financial institutions has come together to provide us with this valuable capital. We want to thank JPMorgan, Bank of America and Fifth Third for the substantial increases in their commitments in support of our strategic development. We also welcome Regions Bank as the newest participant in our facility.”
The facility includes a syndicate of four banks including JPMorgan Chase Bank, as administrative agent, Bank of America and Fifth Third Bank, all existing syndicate banks that expanded their commitments, in addition to Regions Bank which replaces Citibank. The facility extends the maturity profile of our bank commitment to February 2020.
Almost Family is a regional provider of home health nursing services.