secwatch.observer — SEC 8-K summary
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Issuer:     CROSS COUNTRY HEALTHCARE INC (CCRN)
CIK:        0001141103
Form:       8-K
Filed at:   2023-10-02T23:59:59+00:00
Accession:  0001157523-23-001455
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cross Country's ABL covenant becomes springing, tied to excess availability thresholds
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- Amendment No. 6 changes fixed charge coverage ratio from maintenance to springing covenant triggered when excess availability falls below greater of 15% of loan cap or $24M.
- Once a Compliance Period starts, covenant tested quarterly until excess availability exceeds that threshold for 30 consecutive days.
- Cure right added: cash equity contributions can boost consolidated EBITDA within 10 business days of Compliance Period start.
- Amendment effective September 29, 2023; all conditions satisfied; existing credit agreement otherwise unchanged.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1141103/000115752323001455/0001157523-23-001455-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1141103/000115752323001455/a53567346.htm
  HTML page:      https://secwatch.observer/filing/0001157523-23-001455

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