Providence Service Corporation Announces New $140M Credit Agreement

The Providence Service Corporation PRSC today announced that it has refinanced its existing credit facility with a new senior secured credit facility in an aggregate principal amount of $140.0 million.

The new credit facility is comprised of a $100 million, five year term loan facility and a $40 million, five year revolving credit facility. Additionally, the Company may request the amount of the term loan facility and/or revolving credit facility be increased by an aggregate amount of up to $85 million, with either additional commitments from lenders under the senior credit facility or new commitments from other financial institutions. Providence may not be able to access additional funds under this option as no lender is obligated to participate in any such increase under the senior credit facility.