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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.