CareMax plans new secured credit facilities led by RBC Capital

By Sara Rosenberg

New York, Dec. 18 – CareMax Inc. has received a commitment for senior secured credit facilities to help fund its formation through the acquisitions of CareMax Medical Group LLC and IMC Medical Group Holdings LLC by Deerfield Healthcare Technology Acquisitions Corp., according to an 8-K filed with the Securities and Exchange Commission on Friday.

RBC Capital Markets, LLC provided the debt commitment.

The total consideration for CareMax is about $364 million and, net of debt, the current equity holders will receive 68% in cash and 32% in shares of common stock.

The total consideration to IMC Health equity holders will be $250 million and, net of debt, the current IMC Health equity holders will receive 45% in cash and 55% in shares of common stock.

Other funds for the transaction will come from about $144 million held in the Deerfield Healthcare trust account and the sale of $400 million of shares of common stock through a private placement.

Closing is expected in the first quarter of 2021, subject to customary conditions, including approval by Deerfield stockholders.

CareMax is a technology-enabled care platform providing care and chronic disease management to seniors. Deerfield Healthcare is a blank check company.

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