Prime Healthcare Services, Inc. Announces Closing of $700 Million Financing Transaction
Prime Healthcare Services, Inc. Announces Closing of $700 Million
(Ontario, CA – January 26, 2016) – Prime Healthcare Services, Inc.("Prime") today announced that it has closed a $700 million senior secured credit facility (“Facility”) lead jointly by Wells Fargo Bank, N.A. (“Wells Fargo”) and Barclays Bank, PLC (“Barclays”)
The Facility, which was increased from its original amount due to strong demand, is comprised of a $400 million revolving credit facility, a $200 million term loan and a $100 million accordion which will be used to strengthen Prime Healthcare and fund acquisitions, leading to continued growth while serving the mission of Prime Healthcare to save hospitals, save jobs and save lives.
Prime Healthcare stands apart from others by its unique ability to save and transform hospitals, and has been recognized as the fastest growing hospital system in the United States by Modern Healthcare.
"This financing is a significant step in furthering our growth strategy of turning around and improving essential community hospitals throughout the country,” said Prem Reddy, MD, Chairman, President and CEO of Prime Healthcare. “Our hospitals are dedicated to improving healthcare and adding value to the lives of patients and communities. This value will grow as we continue to grow. We are grateful to everyone involved in this important transaction."
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