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Amedisys Closes New $300MM Facility With BofA, JPMorgan Chase

September 02, 2015, 07:17 AM
Filed Under: Healthcare

Amedisys, Inc., one of America's leading home health and hospice care companies, announced that on August 28, 2015, it entered into a new $300 million secured credit facility. It consists of a $100 million five-year amortizing Term Loan A and a $200 million Revolving Credit Facility. The new credit facility is with a group of banks led by Bank of America Merrill Lynch and JPMorgan Chase Bank, N.A. as Joint Bookrunners and Joint Lead Arrangers and Fifth Third Bank and Citizens Bank, N.A. as Joint Lead Arrangers.

Proceeds from the facility were used to pay off Amedisys' existing senior term loan and second lien term loan. Amedisys will pay a call premium of $700,000 associated with the second lien term loan along with transaction fees that will be reflected in results for the third quarter of 2015. The initial pricing of this new credit facility will result in an interest rate reduction of approximately 600 basis points compared to the second lien term loan.

Paul B. Kusserow, President and Chief Executive Officer, stated, "We are pleased to enter into our new credit facility that capitalizes on our strong balance sheet, provides us with increased flexibility and aligns well with our strategic plan. This new facility will provide capital for acquisition opportunities and also deliver significant interest cost savings at current debt levels. We appreciate the support of our lender group who remained committed to Amedisys during its turnaround."

Amedisys, Inc. is a "health care at home" company delivering personalized home health and hospice care to more than 360,000 patients each year.

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