WELL Health obtains C$140 million credit facility with C$60 million uncommitted accordion

By Rebecca Melvin

Concord, N.H., June 8 – WELL Health Technologies Corp. has reached an agreement for a C$140 million credit commitment provided by a group of lenders led by Royal Bank of Canada.

The committed facility includes a C$90 million revolving credit facility and a C$50 million term loan, which were obtained in conjunction with its proposed acquisition of MyHealth Partners Inc., according to a company news release.

The commitment includes an additional C$60 million uncommitted accordion to help finance future WELL acquisitions.

In addition to RBC, the lenders include the Bank of Montreal, HSBC Bank Canada, The Toronto-Dominion Bank, ICICI Bank Canada and Laurentian Bank of Canada.

The facility matures in four years and carries a floating interest rate based on market terms and which is set to become reduced as MyHealth’s leverage decreases.

The terms of the credit facility are consistent with similar syndicated credit arrangements in Canada and contain customary provisions relating to mandatory repayments and amortization, financial and other covenants and the supporting security structure.

The medical clinic owner/operator and telehealth service provider is based in Vancouver, B.C.

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