Bank SNB Leads Foundation Healthcare Debt Refinancing
Foundation Healthcare announced today the successful completion of a new $27.5 million term loan and $2.5 million revolving credit facility. Bank SNB was the lead agent on the transaction with Texas Capital Bank (TCB) acting as co-manager.
The new financing structure will result in cash-flow savings of approximately $2 million annually. The seven-year term loan is priced at 30-day LIBOR plus 4.25% and the revolving credit facility is priced at 30-day LIBOR plus 3.75%. The actual initial interest rate of the loan is LIBOR plus 4.25%.
“We are pleased to have successfully completed the refinancing of our balance sheet. The new debt structure will provide us with additional flexibility and liquidity, which will enable us to take full advantage of the opportunities in the market,” commented Stanton Nelson, CEO of Foundation Healthcare.
Oklahoma City, OK-headquartered Foundation Healthcare focuses on the development and management of surgical hospitals and the inclusion of ancillary service lines.