Digital healthcare company WELL Health Technologies closed the refinancing of a $300 million credit facility for its subsidiary, WELL Health USA, led by JPMorgan Chase Bank.
“WELL USA’s recent successful refinancing is a true testament to the strength, resilience and growth prospects of its business,” Jay Kreger, CEO of WELL USA, said. “This arrangement enhances WELL USA’s financial flexibility, essential for executing its strategic growth plans and maintaining its commitment to financial discipline. It strengthens WELL USA’s capacity to pursue key investments and acquisitions, aligning with the company’s commitment to empower practitioners and generating long-term shareholder value.”
The newly refinanced credit facility matures in three years and carries a floating interest rate with a base of 175 basis points above SOFR, which will increase depending on levels of leverage ratio.
The new facility is provided by a syndicate led by JPMorgan Chase Bank. and includes CIBC, HSBC Canada, The Bank of Nova Scotia, and two new syndicate members: BMO and the Export Development Corporation, which is wholly-owned by the government of Canada.
“This is a monumental achievement given how much credit markets have changed in the past few years and how little our credit facility has changed,” Hamed Shahbazi, founder and CEO of WELL, said. “We would like to thank JPMorgan Chase Bank, N.A. for all their support and leadership in gathering this phenomenal mostly Canadian syndicate. We are also highly appreciative of JPMorgan Chase Bank, N.A., CIBC, HSBC Canada and the Bank of Nova Scotia for their continued support and would like to express our gratitude and a warm welcome to our new syndicate members, the Bank of Montreal and the Export Development Corporation, for this strong support.”
