AMN Healthcare (NYSE: AMN) extends revolver and cuts size to $450M

Rhea-AI Filing Summary

AMN Healthcare Services, Inc. plans a Fifth Amendment to its Credit Agreement that extends the maturity of its secured revolving credit facility to October 2030 from February 2028 while reducing the facility size from $750.0 million to $450.0 million. The amendment also removes the ten basis point credit spread adjustment tied to the Adjusted Term SOFR Adjustment.

The Consolidated Net Leverage Ratio covenant will be revised to be no greater than 5.25 to 1.00. A new pricing tier for a Net Leverage Ratio of at least 4.25x sets margins of 2.00% for SOFR loans, 1.00% for Base Rate Loans, 2.00% for the Letter of Credit Fee and 0.35% for the Unused Fee. The administrative agent has indicated sufficient lender consents, with final documentation expected in the fourth quarter of 2025.

Insights

Credit and capital structure analyst

AMN extends revolver maturity but accepts a smaller, repriced facility.

AMN Healthcare plans to amend its revolving credit facility, pushing the maturity out to October 2030 from February 2028. At the same time, it will reduce the committed size from $750.0 million to $450.0 million and remove a ten basis point credit spread adjustment tied to the Adjusted Term SOFR Adjustment.

The revised covenant sets a maximum Consolidated Net Leverage Ratio of 5.25 to 1.00, and a new pricing tier for Net Leverage Ratio ≥4.25x introduces margins of 2.00% on SOFR loans, 1.00% on Base Rate Loans, 2.00% for Letter of Credit fees and 0.35% for the unused fee. These terms define how borrowing costs and headroom will behave as leverage changes, with actual effects depending on future balance sheet levels.

The administrative agent has obtained sufficient lender consents, and execution of final documentation is expected in the fourth quarter of 2025. Subsequent disclosures may provide more detail on how often AMN draws on this facility and how close it operates to the revised leverage thresholds.

8-K Event Classification

2 items: 2.02, 7.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Understanding 8-K Material Events →

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 22, 2025

AMN HEALTHCARE SERVICES, INC.
(Exact name of registrant as specified in its charter)
Delaware	001-16753	06-1500476
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
2999 Olympus Boulevard, Suite 500 Dallas, Texas 75019
(Address of principal executive offices) (Zip Code)
(866) 871-8519
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act  (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act  (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		AMN		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

AMN Healthcare Services, Inc. (the “Company”) and AMN Healthcare, Inc., a wholly owned subsidiary of the Company (the “Borrower”) intend to enter into an amendment (the “Fifth Amendment”) to the existing Credit Agreement (as amended, the “Credit Agreement”), dated as of February 9, 2018, by and among the Company, the Borrower, certain subsidiaries of the Company as guarantors, the several lenders party thereto from time to time (the “Lenders”) and Truist Bank, as administrative agent. Pursuant to the Fifth Amendment, the Company’s existing secured revolving credit facility will be amended to (i) mature in October 2030 (from February 2028), (ii) reduce the size of the facility from $750.0 million to $450.0 million, (iii) remove the ten basis point credit spread adjustment with respect to the Adjusted Term SOFR Adjustment (as defined in the Credit Agreement), (iv) revise the Consolidated Net Leverage Ratio (as calculated in accordance with the Credit Agreement) to be no greater than 5.25 to 1.00, and (v) with respect to interest rate calculations, add a new pricing tier for Net Leverage Ratio >=4.25x of 2.00% for SOFR loans, 1.00% for Base Rate Loans, 2.00% for Letter of Credit Fee and 0.35% for the Unused Fee (each as defined in the Credit Agreement). The payment and interest terms and covenants under the Existing Credit Agreement will otherwise remain unchanged. The Administrative Agent has informed the Borrower that it has received sufficient consents from its lenders to enter into the Fifth Amendment, subject to the execution of final documentation, which is expected to occur in the fourth quarter of 2025.

The information in this Item 2.02 and Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMN Healthcare Services, Inc.
Date: September 22, 2025	By:	/s/ Brian Scott
	Name:	Brian Scott
	Title:	Chief Financial Officer

FAQ

What change is AMN (AMN) making to its revolving credit facility?

AMN Healthcare plans a Fifth Amendment to its Credit Agreement that extends the maturity of its secured revolving credit facility and adjusts its size, pricing and leverage covenant while keeping other payment terms and covenants the same.

How are the size and maturity of AMN (AMN) revolver changing?

The secured revolving credit facility will have its maturity extended to October 2030 from February 2028, and its total commitment will be reduced from $750.0 million to $450.0 million.

What is the new leverage covenant in AMN Healthcare’s amended Credit Agreement?

The Fifth Amendment revises the Consolidated Net Leverage Ratio covenant so that it must be no greater than 5.25 to 1.00, as calculated under the Credit Agreement.

How will interest and fees be priced under AMN (AMN) new leverage tier?

For a Net Leverage Ratio ≥4.25x, the new tier sets margins of 2.00% for SOFR loans, 1.00% for Base Rate Loans, a 2.00% Letter of Credit fee and a 0.35% unused fee.

Has AMN Healthcare received lender approval for the Fifth Amendment?

The administrative agent has informed the borrower that it has received sufficient consents from its lenders to enter into the Fifth Amendment, subject to execution of final documentation.

When is AMN (AMN) expected to finalize the Fifth Amendment to its Credit Agreement?

The execution of final documentation for the Fifth Amendment is expected to occur in the fourth quarter of 2025, according to the disclosure.