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Akumin enters into new $130 million five-year term loan, revolver
By Sarah Lizee
Olympia, Wash., Aug. 15 – Akumin Inc. subsidiary Akumin Corp. closed $130 million of credit facilities with a syndicate of lenders, according to a press release.
The facilities consist of a C$100 million term loan facility and a $30 million revolving credit facility, both due Aug. 15, 2023.
The proceeds of the term loan were used to repay Akumin's existing credit facilities of about $74.6 million and to pay the purchase price for its roughly $25 million acquisition of 11 diagnostic centers operated by Rose Radiology Centers, Inc., as well as for related transaction costs.
The revolver may be used for permitted acquisitions and other general corporate purposes.
The facilities may be incrementally increased by a total principal amount of up to $40 million.
"We believe increasing our credit facilities to a total of $130 million from $80 million and increasing the number of participants in our syndicate to five from two lenders is a testament to the solid foundation that Akumin has built in its sector,” Riadh Zine, president and chief executive officer of Akumin, said in the release.
“These credit facilities have similar pricing and more flexible covenants than our existing facilities.”
BBVA Compass was the lead arranger and bookrunner and is the administrative agent under the credit facilities. Bank of Nova Scotia was the syndication agent and National Bank of Canada was the documentation agent.
The lending syndicate is comprised of BBVA Compass, Scotia, National Bank of Canada, BankUnited and Siemens Financial Services, Inc.
Toronto-based Akumin is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States.
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