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Published on 7/23/2007 in the Prospect News Bank Loan Daily.

Spheris gets $95 million credit facility

By Sara Rosenberg

New York, July 23 - Spheris Inc. closed on a $95 million five-year credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Cratos Capital Management, LLC is the administrative agent on the deal that was completed on July 17.

The facility consists of a $70 million term loan and a $25 million revolver.

Pricing on the tranches is Libor plus 325 basis points if the senior leverage ratio is greater than or equal to 2.00 to 1.00 and Libor plus 275 bps if the ratio is less than 2.00 to 1.00.

Proceeds were used to refinance existing debt and will be available to finance permitted acquisitions and permitted note redemptions, and for general working capital purposes.

Spheris is a Franklin, Tenn., provider of medical transcription and other health care related outsourcing services.


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