Here are seven things to know:
1. The five-year credit facility is valued at $82.5 million.
2. As per the agreement, the facility features a $52.5 million term loan and a $30 million revolving credit facility.
3. Compass Bank will lead the new facility as administrative agent while BBVA Compass will take on the lead arranger and book runner roles. Legacy Texas Bank will serve as the facility’s documentation agent.
4. Legacy Bank formerly participated in the credit facility with Nobilis, and bolstered their participation in the new credit facility to $21 million.
5. Nobilis will use the credit facility’s proceeds for refinancing all previously held debt and lines of credit currently under Healthcare Financial Solutions, previously known as GE Capital Corp.
6. In other news, Nobilis closed its acquisition on Arizona Vein and Vascular Center and its four ASCs, which operated as The Arizona Center for Minimally Invasive Surgery. Nobilis acquired AVVC and ACMIS for $22 million.
7. As per the acquisition agreement, L. Philip Wall, MD, founder of AVVC and ACMIS, will serve as president of Nobilis’ vascular division.
“We are pleased with the successful completion of this acquisition and are looking forward to further expanding our new Clarity brand to Houston and Dallas, while driving additional volume to the AVVC facilities,” said Harry Fleming, CEO, Nobilis.
More articles on surgery centers:
Rush University Medical Center & Midwest Orthopaedics at Rush receive approval for $21M ASC — 5 things to know
4 key notes on Merritt Healthcare’s spinoff focused on M&A activity
Foundation HealthCare sells ASC business to Healthcrest Surgical Partners: 5 key notes
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.