Wells Fargo Refinances InfuSystem Credit Facility
InfuSystem Holdings announced that it has replaced and refinanced its $35 million bank facility with a new $36.5 million credit facility, in order to provide additional financial and operational flexibility.
The company, advised by Houlihan Lokey, entered into the new four-year senior secured credit agreement with Wells Fargo Bank. The funds were managed by PennantPark Investment Advisers.
The facility is comprised of an asset-based loan revolver, senior term loan and junior term loan bearing interest at a floating rate, which is currently 9.25%, substantially below the cost of the prior credit facility as amended.
“This new credit facility, developed in partnership with two preeminent financial lending institutions, optimizes our ability to execute our strategic business plan,” said InfuSystem’s interim chief executive officer, Dilip Singh. “It also represents another significant milestone in the reshaping of InfuSystem, and reflects the solid foundation the company has established since the current leadership assumed full control of the company during the second quarter of 2012.”
Madison Heights, MI-based InfuSystem Holdings provides infusion pumps and related services to hospitals, oncology practices and other alternate site healthcare providers.