Team Health wraps amendment, increasing term loan A, revolver sizes

By Sara Rosenberg

New York, Nov. 5 - Team Health Holdings Inc. completed the amendment to its credit facility that lifted the term loan A to $250 million from $140.6 million and the revolver to $250 million from $225 million, according to an 8-K filed with the Securities and Exchange Commission on Monday.

In addition, the amendment extended the term loan A and revolver maturities to Nov. 1, 2017 from June 29, 2016.

The amendment also reduced term loan A and revolver pricing to Libor plus 175 basis points and the revolver unused fee to 35 bps.

Furthermore, the accordion feature was increased to the greater of $250 million from $150 million and an amount that giving effect to the increase would not cause the first-lien leverage ratio to exceed 3.75 times.

Proceeds from the incremental term loan A debt are being used to repay revolver borrowings and for general corporate purposes.

J.P. Morgan Securities LLC led the deal.

The amendment was completed on Nov. 1.

Team Health is a Knoxville, Tenn.-based provider of outsourced physician staffing solutions for hospitals.

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