MC Healthcare Provides $5MM Facility to Sanomedics
Sanomedics International Holdings, a medical technology holding company, announced it has entered into a financing term sheet with MC Healthcare Finance for a $5 million credit facility, consisting of a $3 million revolving line of credit and a $2 million term loan.
Sanomedics said it will use the proceeds from this transaction will be for working capital and to complete two targeted acquisitions. The financing is subject to the lenders due diligence and a further commitment agreement and expected to close on or before September 30, 2013.
Keith Houlihan, co-founder and president of Sanomedics, stated, “This financing is a major step in our success and a further endorsement of the plans we have for the future. The proceeds will permit us to move forward in our plans to close our two targeted acquisitions: Prime Time Medical and Duke Medical.
Miami, FL-based Sanomedics International Holdings is a medical technology holding company that focuses on products, services and ideas – a place where physicians, entrepreneurs, and medical companies can work together to drive innovative technologies through concept, development, and ultimately commercialization.