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Merge Healthcare Completes $275MM Refinancing With Jeffries, Others

April 24, 2013, 07:08 AM
Filed Under: Healthcare

Merge Healthcare Incorporated, a leading provider of clinical systems and innovations that seek to transform healthcare, announced the completion of its debt refinancing, including new senior secured credit facilities of a six-year term loan of $255 million and a five-year revolving credit facility of $20 million.

The senior secured credit facilities have been established pursuant to a Credit Agreement by and among Merge, the lenders and Jefferies Finance, as sole lead arranger and Administrative Agent. The Credit Agreement contains limited operating covenants other than certain debt-to-adjusted-EBITDA ratios. Borrowings under the Credit Agreement will initially bear interest at 6% per annum, and future interest rates will be based, at Merge's election, on either LIBOR (subject to a floor of 1.25%) plus a spread of 4.75% or a base rate specified in the Credit Agreement (subject to a floor of 2.25%) plus a spread of 3.75%.

Merge also announced today the early settlement of its cash tender offer (the "Tender Offer") and consent solicitation for its 11.75% Senior Secured Notes due 2015.

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