WELL Health Sees Subsidiary CRH Medical Obtain US$300 Million Credit Facility
WELL Health Technologies Corp. (TSX: WELL) announced this morning that its recently acquired CRH Medical has been provided with a US$300 million credit facility by JP Morgan Chase Bank. This replaces the bank’s previous US$200 million credit facility issued for CRH medical.
The amended senior secured credit arrangement involves a US$175 million revolving credit facility and access to a US$125 million accordian feature. As of this morning’s announcement, CRH Medical has currently drawn approximately US$135 million from the revolving credit facility. The facility has a term of four years with a floating interest rate based on US prime and LIBOR rates.
WELL Health reports that the upsized credit facility will be used to partially fund the recently closed US$372.9 million acquisition of CRH Medical. Part of it will also be used to facilitate CRH Medical’s ongoing acquisition program in the United States, which already saw over 30 acquisitions of anesthesia-related businesses.
This new arrangement was provided by a syndicate led by JP Morgan, CIBC, and HSBC Bank Canada.
WELL Health Technologies Corp. last traded at $6.95 on the TSX.
Information for this briefing was found via Sedar and WELL Health Technologies Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.