AMN Healthcare Launches $400.0 Million Offering of Senior Notes

Rhea-AI Summary

AMN Healthcare (NYSE: AMN) has announced a private offering of $400.0 million in senior unsecured notes due 2031. The company plans to use the proceeds, along with cash on hand and credit facility borrowings, to redeem all of its outstanding $500.0 million 4.625% senior notes due 2027 and cover related fees and expenses.

The 2031 Notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. As a leading healthcare talent solutions provider, AMN Healthcare served nearly 15 million patients across more than 2,100 healthcare systems in 2024, including 87% of top healthcare systems nationwide.

Positive

• Company maintains strong market position, serving 87% of top healthcare systems nationwide
• Debt refinancing could potentially lead to better interest rates and extended maturity
• Extensive healthcare reach, serving 15 million patients across 2,100+ healthcare systems

Negative

• Total debt obligation increasing from $400M to $500M when including cash and credit facility borrowings
• New notes will not be registered under Securities Act, limiting transferability
• Additional fees and expenses associated with the refinancing will impact cash reserves

Insights

Corporate Finance Analyst

AMN Healthcare is refinancing debt by issuing $400M in new notes to replace $500M in existing higher-rate notes, potentially improving its capital structure.

AMN Healthcare is making a strategic debt refinancing move with a $400 million senior unsecured notes offering due 2031. This new debt issuance will primarily fund the redemption of $500 million of existing 4.625% notes due 2027. This financial maneuver indicates the company is actively managing its debt maturity profile, pushing obligations further into the future while potentially securing more favorable interest rates in the current market environment.

The $100 million differential between the new issuance and the redemption amount suggests AMN will supplement the offering with cash on hand and revolving credit facility borrowings to complete the transaction. This approach shows a balanced use of multiple funding sources rather than relying entirely on new debt.

By targeting qualified institutional buyers under Rule 144A, AMN is utilizing a private placement strategy that typically allows for faster execution and potentially better pricing compared to registered public offerings. The private placement approach also indicates the company likely has strong relationships with institutional investors willing to participate in this offering.

While not explicitly stated, this refinancing could potentially lower AMN's interest costs depending on the new notes' pricing relative to the 4.625% rate on the 2027 notes. The transaction demonstrates proactive capital structure management by extending debt maturities from 2027 to 2031, which enhances financial flexibility and reduces near-term refinancing pressures.

DALLAS, Sept. 22, 2025 (GLOBE NEWSWIRE) -- AMN Healthcare Services, Inc. (NYSE: AMN), announced today that its wholly owned subsidiary, AMN Healthcare, Inc., intends to make a private offering of $400.0 million aggregate principal amount of senior unsecured notes due 2031, subject to market and other conditions. The 2031 Notes will be guaranteed by the Company’s affiliates that guarantee the Company’s credit facilities.

The Company intends to use the proceeds from the private offering, together with cash on hand and borrowings under the Company’s secured revolving credit facility, (i) to redeem all of the $500.0 million aggregate principal amount of its 4.625% senior unsecured notes due 2027 outstanding and (ii) to pay fees and expenses related to the offering.

The Company expects to deliver a Conditional Notice of Redemption to holders of its outstanding 2027 Notes, which will provide for the redemption by the Company of all of the $500.0 million aggregate principal amount of 2027 Notes outstanding, subject to the successful completion of offering of the 2031 Notes.

The 2031 Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons outside of the United States in compliance with Regulation S under the Securities Act. The 2031 Notes will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the 2031 Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

About AMN Healthcare

AMN Healthcare is the leader and innovator in total talent solutions for healthcare, bringing together the people, processes and technology to deliver better care. Through a steadfast partnership approach, we solve the most pressing workforce challenges to enable better clinical outcomes and access to care. In 2024, our healthcare professionals reached nearly 15 million patients at more than 2,100 healthcare systems, including 87 percent of the top healthcare systems nationwide. We provide a comprehensive network of quality healthcare professionals and deliver a fully integrated and customizable suite of workforce technologies.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “should,” “would,” “project,” “may,” “estimates,” variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other periodic reports as well as the Company’s current and other reports filed from time to time with the Securities and Exchange Commission. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated.

Contact:

Randle Reece
Vice President, Investor Relations & Strategy
866-861-3229

FAQ

What is the size of AMN Healthcare's new senior notes offering in 2025?

AMN Healthcare is offering $400.0 million in senior unsecured notes due 2031 through a private offering.

How will AMN Healthcare (NYSE: AMN) use the proceeds from the 2031 Notes?

The proceeds will be used to redeem $500.0 million of 4.625% senior notes due 2027 and pay related fees and expenses, along with cash on hand and credit facility borrowings.

Who can invest in AMN Healthcare's 2031 Notes offering?

The notes are only available to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act.

What is AMN Healthcare's market presence in the healthcare industry?

AMN Healthcare serves 87% of top healthcare systems nationwide, reaching nearly 15 million patients across more than 2,100 healthcare systems in 2024.

What is the maturity date of AMN Healthcare's new senior notes?

The new senior unsecured notes will mature in 2031, replacing the existing notes that were due in 2027.