It looks like the credit markets might just be thawing.
We an important deal last week with – a $175 million financing package that will support our future growth and acquisition plans (we have already acquired 26 clinics in the last three years and announced acquisitions of five clinics in the last month).
The financing package, completed with the assistance of a lending group led by GE Capital, Healthcare Financial Services and Silver Point Finance, LLC, includes refinancing and new debt totaling $150 million, consisting of first and second secured credit facilities and a revolving line of credit.
We also received an additional $25 million in new equity from three existing investors: Altaris Capital Partners, LLC; Three Arch Partners; and Daniel D. Crowley, our chairman and CEO.
“We are very pleased with the interest of investors and the financial community in our approach to delivering high quality, cost-effective health care,” said Mr. Crowley. “We were able to attract a top-tier group of lenders and put together an attractive package of loans on favorable terms in the midst of a difficult financing environment. We took this step so that we can accelerate our program of acquiring outpatient occupational health clinics.”
U.S. HealthWorks will now be able to provide quality, affordable health care to even more people throughout the country.
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-Dr. Leonard Okun, National Medical Director