Apollo Medical closes $290 million five-year credit facility

By Wendy Van Sickle

Columbus, Ohio, Sept. 11 – Apollo Medical Holdings, Inc. closed on a $290 million five-year credit facility comprising a $190 million term loan and a $100 million revolver, the company announced in a news release.

Initial pricing on the term loan is Libor plus 250 basis points.

SunTrust Robinson Humphrey, Inc. served as left lead arranger, and SunTrust Bank is acting as administrative agent. Additionally, Preferred Bank, JPMorgan Chase, MUFG Union Bank, NA and Royal Bank of Canada served as joint lead arrangers and joint bookrunners.

“We are extremely excited to announce this new credit facility which enables us to complete our previously announced transaction with (Allied Pacific of California IPA, an affiliate) and provides an initial $40 million of availability on our revolving credit facility as the potential dry powder to pursue future acquisitions of additional independent practice associations by leveraging our strong balance sheet to create additional shareholder value,” Kenneth Sim, executive chairman of Apollo Medical, said in the release.

Apollo is a Glendale, Calif.-based integrated health care delivery company.

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