Cross Country Healthcare amends term loan, ABL credit agreements

By Rebecca Melvin

Concord, N.H., Nov. 19 – Cross Country Healthcare, Inc. entered into a first incremental amendment to its June 8, 2021 term loan agreement with Wilmington Trust, NA as administrative agent and collateral agent, according to an 8-K filed with the Securities and Exchange Commission.

Under the amendment the company is provided with a $75 million incremental term loan. Additionally, the first amendment increased the aggregate amount of all increases to be no greater than $115 million. All other terms, conditions, covenants and pricing of the term loan credit agreement remain the same.

In conjunction with the first amendment, Wells Fargo Bank, NA, as first-lien agent, and Wilmington Trust, NA, as second-lien agent, entered into a first amendment to the intercreditor agreement, effective as of Nov. 18, to amend the creditors’ rights issues in respect of the collateral lenders.

The company also entered into a fourth amendment to its Oct. 25, 2019 ABL credit agreement, increasing the ABL credit agreement to $175 million.

Cross Country provides health-care workforce solutions and staffing services and is based in Boca Raton, Fla.

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