San Francisco-based Amfac Inc. said it is...

San Francisco-based Amfac Inc. said it is negotiating the sale of its Amfac Health Care division to a new company led by management of the division, including division president Melburn G. Whitmire, for about $120 million. An unnamed financial institution will provide a $150-million revolving credit line to the newly formed company and will purchase a 45% equity interest for $10 million, Amfac said. Amfac itself will acquire another 45% interest, also for $10 million, with management of the new company holding the remaining 10%. Amfac Health Care, based in Folsom, Calif., had revenue of $774 million last year.