TORONTO, Aug. 30, 2018 /CNW/ - Medical Facilities Corporation ("Medical Facilities," "MFC," or the "Company") (TSX: DR), has entered into an agreement providing for a new U.S. $150 million syndicated revolving credit facility.
The new U.S. dollar denominated credit facility has a five year maturity and replaces the Company's $100 million Canadian dollar denominated facility that was due to mature at the end of 2018. Subject to the terms of the credit agreement, the new revolving credit facility may be used for acquisitions and other general corporate purposes.
"We are pleased to have obtained a much larger credit facility under favorable terms," said Robert O. Horrar, President and CEO of Medical Facilities. "The new credit facility better supports our future growth efforts, significantly increasing our flexibility as we focus on building scale and further diversifying our portfolio through accretive acquisitions."
The lending syndicate is comprised of National Bank of Canada, The Toronto-Dominion Bank and HSBC Bank Canada.
About Medical Facilities
Medical Facilities, in partnership with physicians, owns surgical facilities in the United States. Medical Facilities' portfolio includes controlling interest in five specialty surgical hospitals located in Arkansas, Indiana, Oklahoma, and South Dakota, and an ambulatory surgery center located in California. In addition, through a partnership with NueHealth LLC, Medical Facilities owns majority interest in seven ambulatory surgery centers located in Arkansas, Michigan, Missouri, Nebraska, Ohio, Oregon, and Pennsylvania. The specialty surgical hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ambulatory surgery centers specialize in outpatient surgical procedures, with patient stays of less than 24 hours. Medical Facilities is structured so that a majority of its free cash flow from operations is distributed to the holders of its common shares in the form of dividends. For more information, please visit www.medicalfacilitiescorp.ca.
SOURCE Medical Facilities Corporation
For further information: Tyler Murphy, Chief Financial Officer, Medical Facilities Corporation, 416.848.7380 or 1.877.402.7162, [email protected]; Trevor Heisler, Investor Relations, NATIONAL Equicom, 416.848.1434, [email protected]