Orthodontic Centers of America obtains $125 million credit facility

By Sara Rosenberg

New York, Jan. 2 - Orthodontic Centers of America Inc. obtained a new $125 million three-year credit facility consisting of a $100 million revolver and a $25 million amortizing term loan. Bank of America is the administrative agent, Bank One is syndication agent, U.S. Bank is documentation agent and Banc of America Securities LLC acted as sole lead arranger and sole book manager.

Other banks involved in the syndicate include La Salle Bank, Hibernia National Bank and Whitney National Bank.

"We are pleased with the quality and depth of the new bank group and by their level of commitment to the future growth of OCA. This facility gives us the availability we need to continue growing our business and the flexibility to continue our previously announced common stock repurchase program," said Thomas J. Sandeman, chief financial officer, in a news release.

Proceeds were used to retire the company's existing revolver and bridge credit facility.

Orthodontic Centers of America is a Metairie, La. provider of integrated business services to orthodontists and pediatric dentists.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.