AMN Healthcare Services, a provider of healthcare staffing services, announced that the amendment of its credit agreement, which reduces the interest rate on the term loan to a floating rate upon either a LIBOR (with a floor of 0.75%) or a base rate option selected by the company, plus a spread of 3.00% and 2.00%, respectively. The interest rate under the revolving line of credit was also reduced. As of March 31, 2013, the revolver and term loan had outstanding balances of $1 million and $158 million, respectively.

An SEC 8-K filing indicates that SunTrust Bank serves as administrative agent on the credit facility. The credit agreement provides for two credit facilities (the “Credit Facilities”), including (A) a $50 million secured revolving credit facility (the “Revolver”) that includes a $20 million sublimit for the issuance of letters of credit and a $15 million sublimit for swingline loans and (B) a $200 million secured term loan credit facility (the “Term Loan”).

"Our amended credit agreement reduces our term loan interest rate by 200 basis points, which provides a meaningful reduction in our cost of borrowing," said Brian M. Scott , chief financial officer of AMN Healthcare. "The agreement also provides increased flexibility in terms of our maximum leverage ratio. We saw an opportunity to amend our agreement given the combined factors of a favorable credit market, AMN's strong financial performance and improved credit profile, and a positive industry outlook. For the foreseeable future, we intend to continue utilizing our free cash flow to reduce our long-term debt balance."

View additional details regarding the company's new credit agreement.