NEW YORK, December 2012 – The $765,000,000 senior secured facilities arranged by Goldman Sachs Bank USA, Barclays Bank PLC, Citigroup Global Markets Inc. and Jefferies Finance LLC was funded today. The senior secured facilities included a $475,000,000 senior secured first lien term loan facility, maturing in 2019, a $190,000,000 senior secured second lien term loan facility, maturing in 2020 and a $100,000,000 senior secured revolving credit facility, terminating in 2017, the proceeds of which will be used to finance in part the acquisition of CHG Healthcare Services, Inc. and its subsidiaries by Leonard Green & Partners and Ares Management from JW Childs. Milbank, Tweed, Hadley & McCloy, LLP represented the Joint Lead Arrangers including Goldman Sachs Bank USA, Barclays Bank PLC, Citigroup Global Markets Inc. and Jefferies Finance LLC; Milbank also represented Barclays Bank PLC and Goldman Sachs Bank USA as First and Second Lien Administrative Agents in connection therewith.
Founded in 1979, CHG Healthcare Services is one of the nation's oldest and largest healthcare staffing firms. The company provides a comprehensive service offering that includes temporary and permanent placement of physicians, allied health professionals and nurses to hospitals and healthcare organizations in all 50 states through such trusted brands as CompHealth, Weatherby Healthcare, RN Network, and Foundation Medical Staffing. The company has won several awards including inclusion on FORTUNE magazine’s list of “100 Best Companies to Work For” in America.
The Milbank Leveraged Finance team, led by partner Marcus Dougherty, included Meir Hornung, Andrew Sagor and Laura Larsen. Tax partner Andrew Walker and associate Joanna Grossman provided tax advice, and partner Joel Krasnow provided ERISA and employee benefits advice. Real Estate associate Erika DelDuca provided real estate advice. Corporate of counsel Matthew Ahrens provided environmental advice. Litigation associates Chris Holm and Nate Browand provided intellectual property and litigation advice.
