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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