Almost Family, Inc., a leading regional provider of home health nursing services, announced today it has entered into a new five-year $175 million revolving credit facility that increases its financial flexibility through 2020 (the Facility). J.P. Morgan Securities LLC acted as lead bookrunner and arranger, while Bank of America, N.A. acted as joint lead arranger under the Facility which replaced the Company's previous $125 million credit facility. The facility includes an accordion feature which permits expansion up to $250 million.
William Yarmuth, Chief Executive Officer, commented, "We are extremely pleased to announce this new credit facility which furthers our ability to pursue larger acquisition opportunities and extends our strong credit relationships into the next decade. With the improving reimbursement, regulatory and capital markets environment we are very optimistic about our ability to deploy capital and earn quality returns for our shareholders. We remain very active in seeking acquisition candidates and are looking forward to putting this facility to work."
The Facility includes a syndicate of four banks including JPMorgan Chase Bank, as Administrative Agent, Bank of America and Fifth Third Bank, all existing syndicate banks that expanded their commitments, in addition to Regions Bank which replaces Citibank NA. The Facility extends the maturity profile of our bank commitment to February 2020. The Facility may be used for general corporate purposes including acquisitions and also contains an accordion feature to increase total commitments to $250 million. Borrowings, other than letters of credit, under the credit facility generally will bear interest at a rate varying from LIBOR rate plus 1.75% to LIBOR rate plus 3.00%, depending on leverage. The Facility is secured by substantially all of the Company's assets and the stock of its subsidiaries.
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations in Florida, Ohio, Tennessee, Kentucky, Connecticut, New Jersey, Massachusetts, Indiana, Pennsylvania, Georgia, Missouri, Illinois, Mississippi and Alabama.