LifeMD, a leading provider of virtual primary care and pharmacy services, announced the closing of a new senior secured revolving credit facility (“RCF”) with Citizens Bank. The facility has a maturity date of January 2, 2029 and provides for up to $50 million of total availability consisting of $30 million of committed availability with an additional accordion option of up to $20 million. As of closing, no balance was drawn on the RCF as the Company believes its cash on hand and expected cash flow are sufficient to fund its organic growth initiatives.

“We are very pleased to close this revolving credit facility with Citizens, a leading national bank. The availability of the additional capital is competitively priced with no upfront fee and provides significant financial flexibility to support potential corporate development and/or shareholder value creation initiatives. We appreciate the support and confidence of Citizens in providing this facility and believe the RCF further underscores the strength and outlook of our business,” said Marc Benathen, Chief Financial Officer of LifeMD.

Based on a pricing grid tied to Company leverage, loans under the facility bear interest based on either (x) Term SOFR plus an applicable spread ranging between 150 basis points and 225 basis points or (y) the Alternate Base Rate plus an applicable spread ranging between 50 basis points and 125 basis points. Fees assessed on the committed unused portion of the facility range from 0.225% to 0.30%, depending upon leverage. The RCF contains no upfront fee to LifeMD.