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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Cross Country Healthcare, Inc.    CCRN

CROSS COUNTRY HEALTHCARE, INC.

(CCRN)
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CROSS COUNTRY HEALTHCARE INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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06/30/2020 | 05:33pm EDT

Item 1.01 Entry into a Material Definitive Agreement

On June 30, 2020, Cross Country Healthcare, Inc. (the "Company") amended its ABL Credit Agreement dated October 25, 2019 among the Company, substantially all of its wholly-owned subsidiaries, PNC Bank N.A., as lender, and Wells Fargo Bank N.A., as lender and administrative agent. The amended ABL Credit Agreement increases the current aggregate committed size of the asset-based credit facility from $120.0 million to $130.0 million. All other terms, conditions, covenants, and pricing of the ABL Credit Agreement remain the same.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended ABL Credit Agreement as filed as Exhibit 10.1 to this Form 8-K.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated into Item 2.03 by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 30, 2020 and as part of the registrant's response to the current economic environment resulting from the COVID-19 pandemic, the Company's Board of Directors approved a 10% reduction in base salary for the following executive officers: William Burns, EVP and Chief Financial Officer, Buffy White, EVP and Group President Workforce Solutions & Services, Stephen Saville, EVP Operations, and Susan Ball, EVP and General Counsel. The 10% reduction is expected to continue until December 31, 2020, and will not impact other compensation elements such as short-term incentives. Effective July 1, 2020, their new base salaries are as follows: Mr. Burns, $472,500; Ms. White, $387,000; Mr. Saville, $387,000; and Ms. Ball, $378,000.



Item 9.01  Financial Statements and Exhibits
(d) Exhibits

      Exhibit  Description

        10.1     Amendment No. 1 to ABL Credit Agreement, dated as of June 30,
               2020, by and among Cross Country Healthcare, Inc. and certain of its
               domestic subsidiaries as borrowers or guarantors, PNC Bank N.A., as
               lender, and Wells Fargo Bank N.A., as administrative agent,
               collateral agent, and lender

      104.1    Cover Page Interactive Data File (embedded within the Inline XBRL
               document)


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© Edgar Online, source Glimpses

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