Akumin increases revolver to $69 million from $50 million

Chicago, June 3 – Akumin Inc. announced that it has increased its revolving credit facility to $69 million from $50 million, according to a press release.

Any draw on the revolving credit facility above a principal amount of $50 million will require consent of lenders holding two-thirds of the outstanding principal of its term loan B facility and lenders holding two-thirds of the outstanding principal of the other senior credit facilities.

As at the time of the amendment, the company had approximately $28.4 million drawn on its revolving credit facility.

Additionally, the amendment will, among other things, adjust Akumin's leverage and fixed charge ratios for the next four quarters providing the company with greater flexibility in its financial ratio covenants.

While no prepayment is required, if a prepayment is made on the term loan B facility, an additional payment equal to 2% of the amount prepaid will need to be paid at the time of prepayment within the next 12 months and equal to 1% of the amount prepaid within the subsequent 12 months.

Akumin originally closed on $382 million of credit facilities on May 31, 2019 led by BBVA Compass as administrative agent and BBVA Securities Inc. as lead arranger and bookrunner.

Toronto-based Akumin is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States.

© 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.