Team Health amends credit facility, lifting size and extending maturity

By Jennifer Chiou

New York, Oct. 2 – Team Health Holdings Inc. announced that it has completed the amendment and restatement of its senior credit facility, which involved the following:

• Replacing and upsizing to $600 million its existing $275 million tranche A term facility;

• Replacing and upsizing to $650 million its existing $250 million revolving credit facility;

• Extending maturities of the loans to Oct. 2, 2019 from Nov. 1, 2017;

• Terminating its existing $100 million incremental revolving credit facility.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Fifth Third Bank, Citizens Commercial Banking and Regions Capital Markets acted as joint lead arrangers and joint bookrunners.

Borrowings under the tranche A term facility and the revolver were used to repay in full the existing $250 million tranche B term loan.

“We are very pleased to have completed this amendment and restatement to our senior credit facility and appreciate the outstanding support provided to TeamHealth by our bank group,” Mike Snow, TeamHealth's president and chief executive officer, said in a news release.

“We have extended our debt maturities, significantly increased our borrowing capacity with the expansion of our revolving and term loan A facilities and reduced our average borrowing rate due to the repayment in full of the term loan B facilities.”

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

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