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JPMorgan Chase Arranges New $75MM Revolving Credit Facility for InfuSystem

February 12, 2021, 07:45 AM
Filed Under: Medical

InfuSystem Holdings secured a new $75 million revolving credit facility with JPMorgan Chase Bank, acting as the lead arranger with a syndicate of financial banking institutions that include Wells Fargo Bank, N.A., PNC Financial Services Group, Inc. and Comerica Bank.  

Effective February 5, 2021, the new revolving credit facility replaced the Company’s existing $49 million credit facility which was comprised of a revolver, and three term loans. Terms of the new senior secured revolving credit facility include a five-year term, no amortization, and an Adjusted LIBOR Rate plus an interest rate range of 1.90% to 3.00%, which is based on the Company’s Total Leverage Ratio as defined in the Credit Agreement.

Richard DiIorio, chief executive officer of InfuSystem said, “We are pleased to be announcing our new credit facility which is designed to give us additional liquidity and enhanced financial flexibility and align with our growth-oriented capital allocation strategies.  We are now better positioned to capitalize on strategic opportunities to grow and scale up our two operating platforms – Integrated Therapy Services (ITS) and Durable Medical Equipment Services (DME) – with new potential therapies and acquisitions.  We completed the full year on December 31, 2020 with approximately $20 million of liquidity and with the closing of a new credit facility we now have over $45 million of liquidity. We appreciate the confidence demonstrated by these high-quality banking partners as the revolver will allow us the flexibility to pay down debt or invest in growth based upon available value-creation opportunities.”

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