Amedisys gets $550 million senior secured revolving credit facility

By Sarah Lizee

Olympia, Wash., July 2 – Amedisys, Inc. entered into an amended and restated credit agreement on Friday with Bank of America, NA as administrative agent providing for an up to $550 million senior secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver includes a $60 million sublimit for the issuance of standby letters of credit and a $25 million sublimit for swingline loans.

There is an accordion feature for up to $125 million plus additional amounts based on the company’s consolidated leverage ratio.

Borrowings bear interest at Libor plus a margin that ranges from 150 basis points to 225 bps and the commitment fee ranges from 20 bps to 35 bps, based on the consolidated leverage ratio. Interest is initially Libor plus 150 bps and the commitment fee is initially 20 bps.

The revolver matures on June 29, 2023.

As of Friday, the facility had $127.5 million of outstanding borrowings.

The facility may be used to refinance existing debt and for other general corporate purposes, including permitted acquisitions.

Amedisys used proceeds from the facility to pay off the existing term loan under the existing credit agreement which had a principal balance of $87.5 million.

Merrill Lynch, Pierce, Fenner & Smith Inc., Citizens Bank NA, Fifth Third Bank and JPMorgan Chase Bank, NA are joint lead arrangers with Merrill Lynch and JPMorgan as joint bookrunners. JPMorgan is the syndication agent.

Capital One Bank, NA, Citizens Bank, Compass Bank, Fifth Third Bank, Hancock Whitney Bank, Regions Bank and Wells Fargo Bank, NA are co-documentation agents.

Based in Baton Rouge, La., Amedisys specializes in home health and hospice care.

© 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.