Wells Fargo Agents MEDNAX $300MM Facility Increase
MEDNAX announced it has amended and restated its revolving credit facility to increase its borrowing capacity by $300 million to $800 million. The company said it plans to use the expanded credit facility, in addition to cash flow, to fund anesthesia acquisitions as the company’s future growth platform and to continue its growth across all its other physician specialties, as well as for other corporate purposes.
The new credit facility also allows the company to increase the borrowing limit to up to $1 billion, subject to the satisfaction of specified conditions. The company also extended the maturity date of the credit facility through 2017 and maintained interest rates similar to those under the prior facility.
MEDNAX said the new credit facility was provided by a syndicate of 14 financial institutions with Wells Fargo Bank, as administrative agent, JPMorgan Chase and U.S. Bank, as co-syndication agents, and Fifth Third Bank as documentation agent. Wells Fargo Securities, J.P. Morgan Securities and U.S. Bank, acted as joint lead arrangers and joint bookrunners.
Fort Lauderdale, FL-based MEDNAX is a national medical group that comprises the nation’s leading provider of neonatal, maternal-fetal and pediatric physician subspecialty services as well as anesthesia services.