LifeMD, a provider of virtual primary care and pharmacy services, closed a new senior secured revolving credit facility (RCF) with Citizens Bank. The facility has a maturity date of Jan. 2, 2029 and provides for up to $50 million of total availability consisting of $30 million of committed availability with an additional accordion option of up to $20 million. As of closing, no balance was drawn on the RCF, as the company believes its cash on hand and expected cash flow are sufficient to fund its organic growth initiatives.
“We are very pleased to close this revolving credit facility with Citizens, a leading national bank,” Marc Benathen, chief financial officer of LifeMD, said. “The availability of the additional capital is competitively priced with no upfront fee and provides significant financial flexibility to support potential corporate development and/or shareholder value creation initiatives. We appreciate the support and confidence of Citizens in providing this facility and believe the RCF further underscores the strength and outlook of our business.”
