Cross Country Healthcare entered into a new $120 million senior secured ABL facility, replacing its prior credit facility.
Cross Country Healthcare completed the acquisition of Advantage and its subsidiaries effective July 1, 2017. SunTrust Bank agented a $40 million increase in the company’s credit facility to support the transaction.
Cross Country Healthcare has completed a new $140 million credit agreement with a lender group led by SunTrust Bank, as administrative agent and issuing bank. The credit agreement provides a $40 million term loan and a revolving credit facility of up to $100 million.
Cross Country Healthcare said it amended its second lien loan with Benefit Street Partners to reflect modified pricing predicated on the company’s net leverage ratio.
Cross Country Healthcare said it will acquire all the assets and business of Medical Staffing Network. The company has a commitment from Bank of America to increase its borrowing capacity under its ABL revolver.