Chemed enters into $450 million five-year revolving credit facility

By Sarah Lizee

Olympia, Wash., June 22 – Chemed Corp. entered into a new senior secured credit facility with JPMorgan Chase Bank, NA as administrative agent on Wednesday providing for a $450 million five-year revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver carries a $150 million expansion feature, which may consist of term loans or additional revolving commitments.

The initial interest rate is 30-day Libor plus 100 basis points.

Subsequently it may vary from Libor plus 100 bps to Libor plus 200 bps, depending on Chemed’s leverage ratio.

The commitment fee is initially 12.5 bps and may vary from 12.5 bps to 32.5 bps.

The new facility, which matures on June 20, 2023, replaces the company’s existing facility.

JPMorgan and Merrill Lynch, Pierce, Fenner & Smith Inc. are joint lead arrangers and joint bookrunners. Bank of America is the syndication agent and U.S. Bank NA is the documentation agent.

Chemed is a Cincinnati-based provider of end-of-life hospice care and a provider of plumbing and drain cleaning services.

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