Nashville-based TIVE Health is taking out a $ 500 million loan to pay off outstanding debt and for general corporate purposes.
According to the press release, the money will be split between $ 400 million in senior secured term loans B and $ 100 million in senior secured revolving loans with an interest rate of no more than LIBOR plus 4.25 percent.
The facilities are expected to be closed by early July. Morgan Stanley, Credit Suisse and Truist Bank are the joint lead arrangers and arrangers of the deal.
“The syndication of the new term loan has been significantly exceeded and as a result more favorable terms have been achieved than the original price,” CFO Adam Holland said in a press release.
“Our new lines of credit will provide us with a solid financial foundation for business growth with increased flexibility and extended maturity. The reduction in the margin spread is expected to result in over $ 3 million in interest savings in the first 12 months, and the lower depreciation is expected to reduce our annual principal obligation by $ 56 million, enabling us to successfully realize our new strategic direction and funding for growth initiatives. “
Fast-growing IMAC Holdings has expanded into the Chicago suburbs with the purchase of an orthopedic medical center in Naperville, Illinois.
The Brentwood company closed the deal on Monday. Active Medical Center offers medical and physical rehabilitation services, and as a result of the deal, it will be renamed the Mike Ditka IMAC Regeneration Center – the third such IMAC location in the Chicago metro area and the first in the southwestern suburbs, the report said.
Earlier this year, IMAC raised over $ 15 million to pay off debt and expand its network of clinics. Approximately $ 9 Million was allocated to open “Recovery Centers” that specialize in lucrative orthopedic services.
“The Active Medical Center practice in Naperville is a great addition to our current treatment centers in the Chicago market. We look forward to expanding our presence in Chicago with an established base and talented team, ”said Jeff Erwin, CEO of IMAC in a press release.