Premier Health of America, a leading Canadian Healthtech company, negotiated the provision of two senior secured credit facilities by Royal Bank of Canada (“RBC”) for a total amount of up to C$27,00,000 (US$21.4 million).

The first Credit Facility is a C$25,000,000 (US$19.8 million) committed senior secured revolving facility maturing 3 years from the closing date. The terms include a C$10MM (US$7.0 million) accordion feature that enables the Corporation to request increases in the total commitment by an aggregate amount of up to C$10MM (US$7.9 million), subject to RBC’s approval. The purpose of the facility is to refinance existing debt of approximately C$8.8M (US$6.9 million) and for general corporate purposes, including future acquisitions. The second Credit Facility is a C$2,000,000 (US$1.5 million) uncommitted revolving lease line to finance equipment including rolling stock.

In connection with the Credit Facilities, the Corporation and its wholly owned subsidiaries will be entering into a general security agreement and a deed of movable hypothec in favor of RBC, charging all personal/movable property of the Corporation, on terms and conditions customary for such financing. The Credit Facilities are subject to conditions precedent to closing customary to credit agreements of this nature including but not limited to the execution and delivery of loan and security documents and all necessary authorizations and approvals.