Cross Country Healthcare, Inc. (Nasdaq: CCRN) today announced the Company entered into a new $120 million senior secured asset-based credit facility (ABL) replacing its prior credit facility. 

BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 28, 2019--&nbsp;Cross Country
 Healthcare, Inc.&nbsp;(Nasdaq: CCRN) today announced the Company entered into
 a new&nbsp;$120 million&nbsp;senior secured asset-based credit facility (ABL)
 replacing its prior credit facility. The initial amounts drawn on the new ABL
 included funds to repay its outstanding borrowings of&nbsp;$75.4
 million&nbsp;under its prior credit facility and for the payment of fees,
 expenses, and accrued interest, as well as to backstop and replace&nbsp;$20.6
 million&nbsp;in outstanding letters of credit. The remaining availability will
 be used for general corporate purposes. Additionally, the facility contains an
 uncommitted accordion provision to increase the amount of the facility by an
 additional&nbsp;$30.0 million. The ABL provides for a five-year revolving
 credit facility in the aggregate principal amount of up to&nbsp;$120.0
 million, including a subfacility for swing loans up to&nbsp;$15.0
 million&nbsp;and a&nbsp;$35.0 million&nbsp;sublimit for standby letters of
 credit. The ABL is subject to certain covenants and other conditions customary
 for agreements of this nature.



 &quot;We are pleased to partner with our new lenders,&nbsp;Wells
 Fargo&nbsp;and&nbsp;PNC Bank N.A., both industry leaders who have shown a
 breadth of knowledge and understanding of our company and our industry,&quot;
 said&nbsp;Kevin C. Clark, President and Chief Executive Officer. &quot;We
 believe this new credit facility is more cost effective and provides greater
 flexibility to pursue growth, both organically through the strategic
 initiatives we have previously announced and through potential complementary
 acquisitions as we work to deliver value to our shareholders.&rdquo;



 The foregoing is only a summary, is not necessarily complete, and is qualified
 by the full text of the loan agreement, which is filed as an exhibit to the
 Company&#39;s Current Report on Form 8-K filed earlier today.



 FORWARD LOOKING STATEMENTS



 In addition to historical information, this press release contains
 statements relating to our future results (including certain projections and
 business trends) that are &quot;forward-looking statements&quot; within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and
 Section 21E of the Securities Exchange Act of 1934, as amended (the
 &quot;Exchange Act&quot;), and are subject to the &quot;safe harbor&quot;
 created by those sections. Forward-looking statements consist of statements
 that are predictive in nature, depend upon or refer to future events. Words
 such as &quot;expects&quot;, &quot;anticipates&quot;, &quot;intends&quot;,
 &quot;plans&quot;, &quot;believes&quot;, &quot;estimates&quot;,
 &quot;suggests&quot;, &quot;appears&quot;, &quot;seeks&quot;,
 &quot;will&quot;, and variations of such words and similar expressions are
 intended to identify forward-looking statements. Forward-looking statements
 involve known and unknown risks, uncertainties and other factors that may
 cause our actual results and performance to be materially different from any
 future results or performance expressed or implied by these forward-looking
 statements. These factors include, but are not limited to, the following:
 our ability to attract and retain qualified nurses, physicians and other
 healthcare personnel, costs and availability of short-term housing for our
 travel healthcare professionals, demand for the healthcare services we
 provide, both nationally and in the regions in which&nbsp;we operate, the functioning of our information systems, the effect of cyber
 security risks and cyber incidents on our business, the effect of existing
 or future government regulation and federal and state legislative and
 enforcement initiatives on our business, our clients&#39; ability to pay us
 for our services, our ability to successfully implement our acquisition and
 development strategies, including our ability to successfully integrate
 acquired businesses and realize synergies from such acquisitions, the effect
 of liabilities and other claims asserted against us, the effect of
 competition in the markets we serve, our ability to successfully defend the
 Company, its subsidiaries, and its officers and directors on the merits of
 any lawsuit or determine its potential liability, if any, and other factors
 set forth in Item 1A. &quot;Risk Factors&quot; in the Company&#39;s Annual
 Report on Form 10-K for the year ended&nbsp;December 31, 2018, and our
 other&nbsp;Securities and Exchange Commission&nbsp;filings made prior to the
 date hereof.



 Although we believe that these statements are based upon reasonable
 assumptions, we cannot guarantee future results and readers are cautioned
 not to place undue reliance on these forward-looking statements, which
 reflect management&#39;s opinions only as of the date of this press release.
 There can be no assurance that (i) we have correctly measured or identified
 all of the factors affecting our business or the extent of these
 factors&#39; likely impact, (ii) the available information with respect to
 these factors on which such analysis is based is complete or accurate, (iii)
 such analysis is correct or (iv) our strategy, which is based in part on
 this analysis, will be successful. The Company undertakes no obligation to
 update or revise forward-looking statements. All references to
 &quot;we&quot;, &quot;us&quot;, &quot;our&quot;, or &quot;Cross
 Country&quot; in this press release mean&nbsp;Cross Country Healthcare,
 Inc.&nbsp;and its subsidiaries.

Cross Country Healthcare

Cross Country Healthcare Announces New $120 Million Senior Credit Facility

announces-new-%24120-million-senior-credit-facility

/travel

Locums

Investors

per-diem

home health

executive

Permanent

clients

Disclosure

travel

locums

investors

education

Corporate Careers

home-health

News + Insights

permanent

Clients

Disclosures 

CC-Footer

NURSING + ALLIED

PHYSICIANS + APPs

NON-CLINICAL

MORE JOBS

CORPORATE JOBS

MORE PROFESSIONALS

CONTACT US

SOLUTIONS

TECHNOLOGY

ABOUT

FAQs

RESOURCES

Main Navigation

Nav V2

Social-Icons