TCA Global Provides Sanomedics Revolver
Sanomedics International Holdings announced that on January 9, 2014, it and all of its wholly owned subsidiaries closed a senior-secured revolving credit facility of up to $5 million with TCA Global Credit Master Fund to provide operating capital and fund acquisitions.
On the date of closing, $1 million of the facility was funded. The company intends to use the remainder of the facility ($4 million) primarily to fund accretive acquisitions. Additional draws under the facility are available on an as-needed basis, based on a mutually approved formula of eligible receivables and assets, subject to continuing compliance with the terms of the revolving credit facility.
Keith Houlihan, president of Sanomedics International Holdings, said, “The TCA funding and support is another significant step forward in our development and strategic growth plans. This facility and partnership with TCA will demonstrate our funding capabilities and strength in identifying targeted acquisitions and position to execute.”
Sanomedics International Holdings is a medical technology holding company that seeks to acquire sleep therapy operating businesses to provide sleep apnea patients with a reliable and integrated end-to-end service platform.