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Regions Capital Markets Arranges $300MM Expansion to AdaptHeath Credit Facilities

April 26, 2021, 07:07 AM
Filed Under: Healthcare

AdaptHealth Corp. amended its senior secured credit facilities to increase its term loan by $100 million and to expand the maximum borrowing capacity under its revolving credit facility from $250 million to $450 million. The primary use of proceeds of the additional term loan will be to repay all existing revolving credit borrowings and the entire $450 million revolving credit facility will be available to the Company to fund acquisitions and for general corporate purposes. The principal terms of the senior secured credit facilities, including interest rates, principal amortization and covenants remain unchanged.

Regions Capital Markets, a division of Regions Bank, acted as Lead Arranger and sole Administrative Agent in connection with the incremental senior secured credit facility, and Citizens Bank, N.A. and Truist Securities, Inc. acted as Joint Lead Arrangers on the credit agreement expansion.

Steve Griggs, Co-CEO of AdaptHealth commented, “We appreciate the support of the Company’s lenders as we continue to execute on the Company’s growth strategy. Building on the combination of AdaptHealth and AeroCare in February 2021, we are seeing sustained opportunities to continue our growth through strategic and accretive acquisitions in all of our core businesses. The additional funding is critical to our ability to move quickly and capitalize on these opportunities. Having completed 245 acquisitions on a combined basis since 2012 (85 completed by AdaptHealth and 160 by AeroCare), I’m very confident that our acquisition program will continue to substantially contribute to AdaptHealth’s future financial success. ”

Josh Parnes, President of AdaptHealth also commented, “We are also very pleased at the progress we have made integrating the operations of AdaptHealth and AeroCare. We are confident that those integration efforts will enhance our ability to integrate future acquisitions on to our best-in-class technology platforms and drive internal process and operating efficiencies.”

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