Aurora Diagnostics closes $195 million five-year term loan, revolver

By Susanna Moon

Chicago, July 31 – Aurora Diagnostics said it obtained into a new five-year credit facility with Cerberus Business Finance, LLC for a $165 million term loan, a $30 million revolving credit line and a $25 million delayed draw term loan facility.

About $145.6 million of the proceeds were used to prepay debt outstanding under Aurora’s secured credit facility term loan and revolver.

Proceeds also will be used for any future acquisitions and for general working capital and operational needs.

“Aurora is well positioned by its size and national footprint to be a consolidator of anatomic pathology providers, and this new credit agreement with Cerberus positions us to do just that,” Aurora chief executive officer Daniel D. Crowley said in a company press release.

The company’s previous revolver was set to mature next May and the credit facility in May of 2016, the release noted.

“This opportunistic transaction extends our financing horizon and provides greater cash access to execute our acquisition strategy. Furthermore, the financial covenants under the new credit facility are better-aligned with our business strategy.”

The diagnostics company is based in Palm Beach Gardens, Fla.

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