Chemed secures $450 million five-year credit facility

Chemed Corporation (NYSE: CHE) entered into an amended and restated credit agreement for a five-year $450 million revolving credit facility, the company announced.

JPMorgan Chase Bank served as administrative agent, joint lead arranger and joint bookrunner for the transaction. Bank of America acted as joint lead arranger, joint bookrunner and syndication agent, while PNC and U.S. Bank served as co-documentation agents.

The credit facility includes $100 million allocated for letters of credit. The interest rate structure features a floating rate based on the secured overnight financing rate plus an additional tiered rate that varies according to the company's current leverage ratio.

The agreement includes an expansion feature allowing Chemed to increase the revolving credit facility by an additional $250 million if needed.

Based in Cincinnati, Chemed operates two subsidiaries: VITAS Healthcare, which provides hospice care services, and Roto-Rooter, which offers plumbing and drain cleaning services.

The information was disclosed in a company press release statement.

You May Also Be Interested In

• Grid Dynamics hosts AI forum for financial services leaders in London
• Upwork secures $150M revolving credit facility with Bank of America
• Ian Wendler to retire from Jewett-Cameron board by July 31