CRH Medical increased its credit facility with a syndicate of lenders led by The Bank of Nova Scotia.

The new credit facilities increased the amount of available credit from $55 million to $100 million and now consist of a $75 million revolving credit facility and a $25 million term facility.

The syndicate, led by Scotiabank, includes US Bank Canada Branch, and has been expanded to include JPMorgan Chase Bank as a new lender.

In addition, the new facilities provide CRH access to an uncommitted accordion facility that would increase the amount of revolving credit facilities available by $25 million.

The financing will be used to fund future acquisitions by CRH and to repay all of the debt owing by CRH to Crown Capital Fund III Management provided in December 2014.

The new facilities mature on June 26, 2020.

CFO Richard Bear stated, “We are pleased to announce our new credit facilities and the addition of JPMorgan to the lending syndicate. Our financial strength allows us to expand our access to low cost, non-dilutive capital to maintain our acquisition pace. We thank Scotiabank and U.S. Bank for their continued support and welcome JPMorgan as our newest partner.”