Team Health lifts revolver commitments by $100 million to $350 million

By Jennifer Chiou

New York, Sept. 9 – Team Health Holdings Inc. and Team Health, Inc. entered into an amendment to their credit facility with JPMorgan Chase Bank, NA, adding a new $100 million revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

This brings the aggregate amount of revolving credit commitments to $350 million from $250 million.

The new revolver will mature on the earlier of the date that is 364 days after the amendment effective date and the date that the revolving credit commitments and tranche A term loans are refinanced.

The filing noted that the existing $250,937,500 tranche A term facility, $242.5 million tranche B term facility and $250 million revolving credit facility remain in place.

Borrowings under the revolver will bear interest at Libor plus 150 bps. The unused fee is 35 bps. Subsequent interest rates are based on Team Health’s first-lien net leverage ratio.

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

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