Chemed entered into an amended and restated credit agreement for its credit facility. JPMorgan Chase Bank acted as the administrative agent, joint lead arranger and joint bookrunner for this transaction. Bank of America was joint lead arranger, joint bookrunner and syndication agent, and PNC and U.S. Bank were co-documentation agents.
Terms of the credit agreement consist of a five-year $450 million revolving credit facility including $100 million for letters of credit. The interest rate on this credit agreement has a floating rate that is generally the secured overnight financing rate plus an additional tiered rate which varies based on our current leverage ratio. The credit agreement includes an expansion feature that provides Chemed the opportunity to increase its revolver by an additional $250 million.
