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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
SunTrust Leads Lenders in Cross Country’s $140MM Credit Facility
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Lenders/Participants
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SunTrust Bank [Administrative Agent, Issuing Lender]
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Structure
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$100MM Revolver; $40MM Term Loan
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Amount
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$140.000
Million
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Borrower(s)
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Cross Country Healthcare, Inc.
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Description
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The credit agreement provides a $40 million term loan and a revolving credit facility of up to $100 million (together the “Facilities”), both of which mature in five years. The term loan will initially bear interest at One Month LIBOR plus 225 basis points, and amounts to be drawn on the revolving line of credit will initially bear interest at One Month LIBOR plus 225 basis points. The facilities replace both the company’s asset-based revolving credit facility and its subordinated term loan. Proceeds from the $40 million term loan were used primarily to refinance existing indebtedness under the asset-based revolving credit facility and the subordinated term loan, including prepayment fees and interest, as well as fees and expenses incurred. The revolving credit facility will be used to provide additional liquidity for ongoing working capital, fund permitted acquisitions and other general corporate purposes of the Company and its subsidiaries.
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Industry
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Healthcare
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Location
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FL
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| Related Tags |
SunTrust Bank
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ABL Advisor
Deal Tables
2024
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