VitalHub amended and expanded its existing credit facilities with The Bank of Nova Scotia designed to further strengthen the company’s financial flexibility. Under the terms of the amendment, the company’s total committed borrowing capacity has increased to $65 million from $33 million.
The amended credit facilities consist of a $60 million term facility and a $5 million revolving facility. Subject to approval at the time of request, the company has the ability to increase the amount that can be drawn pursuant to an accordion facility for up to an additional $10 million. The credit facilities remain undrawn as of today’s date.
“The increased credit facilities strengthen our financial flexibility to continue investing in the global growth opportunities available to VitalHub,” Brian Goffenberg, chief financial officer of VitalHub, said. “We currently have over $50 million of cash in addition to the cash that is being generated from operations. We are well positioned to continue creating value for our shareholders through organic growth and strategic capital deployment.”
