WELL Health Technologies Corp (TSX: WELL) (OTC: WLYYF)
Channel: RICH TV LIVE
Date: 2021-04-29

WELL Health Technologies Corp (TSX: WELL) (OTC: WLYYF) - RICH TV LIVE - April 29, 2021 - WELL Health Technologies Corp. (TSX: WELL) (“WELL”), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to report that concurrent with its acquisition of  CRH Medical Corporation (“CRH”), CRH has entered into an amended senior secured credit arrangement (“New Facility”) administered by JP Morgan Chase Bank, N.A. in respect of revolving credit facilities in the amount of US$175 million and access to a US$125 million accordian feature that increases the total aggregate amount of credit available to US$300 million.  The New Facility replaced the senior secured credit facilities previously maintained by CRH.  

This New Facility matures in four years, carries a floating interest rate predicated on the U.S. prime and LIBOR rates, and is generally based on customary terms for similar credit arrangements in the United States healthcare sector.  The New Facility is provided by a syndicate that was led by JP Morgan, CIBC and HSBC Bank Canada.  The lending syndicate also includes Wells Fargo Bank, N.A., The Bank of Nova Scotia and U.S. Bank National Association.

The purpose of the New Facility was to partially fund WELL’s acquisition of CRH as well as to facilitate CRH’s ongoing acquisition program in the United States.  To date, CRH has completed over 30 acquisitions of anesthesia-related businesses.  We expect that the income generated from such businesses assists CRH to service such debt and enables CRH to make further strategic and opportunistic acquisitions.  CRH has currently drawn approximately US$135 million under the New Facility, leaving US$40 million of undrawn facilities and the undrawn US$125 million accordian feature available to fund future expansion. 

Hamed Shahbazi, Chairman and CEO of WELL commented, “We are pleased with the support and confidence that JP Morgan, CIBC and HSBC and the rest of the lending syndicate have shown in increasing CRH’s credit facilities.  CRH is extremely acquisitive and we are committed to continuing its active aquisition program, which aligns perfectly with WELL’s own highly accretive and disciplined growth and capital allocation strategy.  The new debt facility combined with CRH’s own profitability and cash-flow generation will ensure that we can continue to  allocate capital and increase WELL’s overall inorganic growth profile.”

#wellhealthtechnologies #crhmedical #richtvlive

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