Cross Country Healthcare to draw on revolver for Metropolitan acquisition

By Sara Rosenberg

New York, July 13 - Cross Country Healthcare Inc. plans to use borrowings under its existing revolving credit facility to fund the acquisition of Metropolitan Research Associates, LLC and Metropolitan Research Staffing Associates, LLC, according to a company news release.

The purchase for Metropolitan is $18.5 million in cash, plus a potential earn-out of up to $6.5 million based on 2006 and 2007 performance.

The acquisition is expected to be completed in the third quarter.

Cross Country is a Boca Raton, Fla.-based provider of health care staffing services. Metropolitan is a New York-based full-service pharmaceutical consulting firm.

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