Lafayette, LA (PRWEB) September 09, 2014
Schumacher Group (SG) today announced that it recently raised $120 million in senior credit facilities. The transaction was led by GE Capital, Healthcare Financial Services. GE Capital Markets and Fifth Third Bank acted as Joint Lead Arrangers and Joint Book Runners.
The new facilities include a $40 million five-year revolving credit facility and an $80 million five-year amortizing term loan. Proceeds of the transaction and cash on hand of $29 million were used to repay existing debt of $109 million. Availability under the revolver, which was undrawn at closing, can be used for general corporate purposes, including working capital needs, acquisitions, joint ventures or other investments as permitted under the agreement.
Dr. William “Kip” Schumacher, Founder and Executive Chairman of SG, stated “We are very pleased about this new agreement, which extends our debt maturity to 2019; meaningfully lowers our interest costs; and provides enhanced flexibility to meet the capital needs of the company, including possible strategic transactions such as acquisitions or joint ventures if those opportunities arise. We also appreciate the continued support from our existing lenders necessary to complete this transaction, along with the addition of four new institutions to our lending group.”
“At GE Capital we are committed to our role as a leading credit source for health care financing. We’re proud to work with a company with the longevity and reputation of Schumacher Group on its goals for the future,” added Al Aria, senior managing director of GE Capital, Healthcare Financial Services’ Corporate Finance business.
Caring for some 4 million patients annually, Schumacher Group is one of the largest emergency medical staffing and management companies in the U.S, as well as a health care resource for Hospital Medicine, Wellness Programs, Care Management, Urgent Care, and Billing & Coding. For more information, visit http://www.schumachergroup.com.