CareCloud, a provider of AI-driven healthcare technology and revenue cycle management solutions, closed a $50 million credit facility on April 13, 2026, with Citizens Bank and Provident Bank, a subsidiary of Provident Financial Services. Citizens acted as lead arranger and administrative agent on the $50 million credit facility. Provident Bank participated in the financing.
The company will also, on May 15, 2026, redeem 100% of its outstanding 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (CCLDO), following the requisite 30-day notice period. The redemption is expected to eliminate approximately $3.2 million in annual preferred dividend obligations and replace higher-cost preferred equity with lower-cost institutional debt, improving the company’s capital structure and enhancing long-term financial flexibility.
The facility provides non-dilutive capital, enhances liquidity and financial flexibility, lowers the cost of capital and reinforces operational resilience.
“This transaction represents a transformative step for CareCloud,” Stephen Snyder, CEO of CareCloud, said. “With the full redemption of the Series B Preferred Stock, we are simplifying our capital structure and positioning the company for its next phase of growth. We believe this strengthens our financial profile and enhances our ability to attract a broader base of institutional investors.”
In connection with the transaction, Matthew Rickert, market executive, and Alan Tekerlek, managing director, of Citizens, said, “We are pleased to have partnered closely with the Company to optimize its capital structure and strategically position CareCloud for sustained growth and enhanced profitability.”
The company intends to leverage its strengthened balance sheet and improved financial flexibility to further expand its AI-enabled product offerings, drive organic growth across its core revenue cycle management platform and pursue strategic initiatives to increase scale and operating leverage.
