MiraMed Global Services completed a new five-year, $75 million syndicated senior secured credit facility. Citibank and Citizens Bank were lead arrangers. Citibank was sole bookrunner and Citizens served as syndication agent. HSBC Bank and Fifth Third Bank acted as co-documentation agents on the transaction.
The new facility replaces a prior facility, which was scheduled to expire in December 2018. It includes an accordion feature, which could expand commitments in revolver or incremental term loans, at MiraMed’s option.
The new facility also enhances MiraMed’s financial flexibility, providing increased capacity to drive growth through strategic acquisitions along with working capital, as needed.
“This credit facility provides MiraMed with the financial flexibility to better serve the growing needs of our healthcare clients and to continue to pursue accretive acquisitions aligned with our growth strategy,” Tony Mira, founder and CEO of MiraMed, said. “We appreciate the strong support and confidence of our new global lender group, which is well equipped to address the needs of our growing, global organization.”
Steve Green, director and head of Middle Market for Citibank Midwest, added, “Citi was pleased to support a syndicated senior secured credit facility for MiraMed to help support their capital needs as they pursue the continued growth of their family of companies.”
Gibson Dunn & Crutcher advised MiraMed, while Reed Smith acted as agent’s counsel on the transaction.
Headquartered in Jackson, MI, MiraMed provides healthcare revenue cycle management services and business process outsourcing solutions to healthcare organizations.
