Silver Point Finance Provides New Term Loan to Rotech
Rotech Healthcare, a provider of home medical equipment and related products and services, announced it has entered into a new term loan credit agreement with Silver Point Finance, relating to a new term loan credit facility in an aggregate principal amount of $25 million.
The company said it borrowed $23.5 million under the new facility on December 21, 2012. The remaining $1.5 million portion of the new facility not yet borrowed may be borrowed on a delayed draw basis on or before January 1, 2014, so long as certain limited conditions as set forth in the credit agreement are satisfied.
The facility replaces and repays the company’s existing commitments and loans under its prior credit agreement and, assuming the company will borrow the $1.5 million portion of the facility not yet borrowed, increases its available liquidity by approximately $15 million.