CML HealthCare enters C$400 million unsecured revolving facility

By Jennifer Chiou

New York, March 1 - CML HealthCare Inc. announced that it entered into a C$400 million senior unsecured revolving credit facility with a five-year term.

TD Securities led the bank syndicate, according to a news release.

The new facility, which matures on Feb. 28, 2017, replaces CML's previous C$373 million credit facility that was to mature on Feb. 22, 2013.

Borrowings under the facility are priced off a leverage grid with a range of Bankers' Acceptance rates plus 100 basis points to 200 bps, with initial pricing at a spread of 150 basis points.

"Our decision to refinance our senior credit facility at this time reflects our focus on minimizing cost of capital and reducing uncertainty," Tom Weber, executive vice president and chief financial officer, said in the release.

Based in Mississauga, Ontario, CML provides laboratory testing services.

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