Akumin closes $382 million five-year refinancing credit facilities

By Marisa Wong

Morgantown, W.Va., June 3 – Akumin Inc. announced it closed on May 31 its previously announced refinancing credit facilities led by BBVA Compass as administrative agent and BBVA Securities Inc. as lead arranger and bookrunner.

The $382 million of credit facilities include a $66 million term loan A, a $266 million term loan B and a $50 million revolver, each maturing on May 31, 2024, according to a press release.

Under the term loan A, $16 million is subject to a delayed draw and is available for use in potential acquisitions until Aug. 29.

The remainder of the term loans were advanced at closing, and proceeds were used to refinance Akumin’s existing credit facilities and finance acquisitions.

The revolver may be used for acquisitions, investments and other general corporate purposes.

The term loan A and revolver bear interest at Libor plus a margin based on Akumin’s consolidated total leverage ratio. The margin at closing was 450 basis points.

The term loan B bears interest at Libor plus 600 bps.

The credit facilities may be incrementally increased by up to $100 million subject to lender commitment and other conditions.

The syndicate includes HIG Whitehorse, TCW Asset Management Co. LLC, Comvest Capital IV, LP, Bank of Nova Scotia, BankUnited, National Bank of Canada, BC Partners and A-Cap Investments.

The credit facilities are secured against substantially all of Akumin’s and its subsidiaries’ assets.

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

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