Premier Health of America, a Canadian health technology company, negotiated the provision of two senior secured credit facilities by Royal Bank of Canada for a total amount of up to C$27 million ($21.4 million).

The first credit facility is a C$25 million ($19.8 million) committed senior secured revolving facility maturing three years from the closing date. The terms include a C$10 million ($7.9 million) accordion feature that enables Premier Health of America to request increases in the total commitment by an aggregate amount of up to C$10 million ($7.9 million), subject to RBC’s approval. The purpose of the facility is to refinance existing debt of approximately C$8.8 million ($6.9 million) and for general corporate purposes, including future acquisitions. The second credit facility is a C$2 million ($1.5 million) uncommitted revolving lease line to finance equipment, including rolling stock.

In connection with the credit facilities, Premier Health of America and its wholly-owned subsidiaries will be entering into a general security agreement and a deed of movable hypothec in favor of RBC, charging all personal/movable property of the corporation on terms and conditions customary for such financing. The credit facilities are subject to conditions precedent to closing credit agreements of this nature, including but not limited to the execution and delivery of loan and security documents and all necessary authorizations and approvals.

“Having access to flexible credit arrangements improves our financial structure and is also a tangible sign of Premier Health’s increasing maturity.” Martin Legault, CEO of Premier Health, said.

“Additional funds and added flexibility will ensure our ability to maintain our growth without interruption,” Sylvain Charbonneau, CFO of Premier Health, said.