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JPMorgan Chase Provides $45MM Facility to InfuSystem

March 27, 2015, 07:38 AM
Filed Under: Medical

InfuSystem Holdings, Inc. has secured a new $45.0 million credit facility with JPMorgan Chase Bank N.A., and has retired its previous $36.5 million credit facility with its prior lender group.

Effective March 23, 2015, the company entered into the new five-year senior secured credit agreement comprised of a $10.0 million asset-based revolver, a $27.0 million Senior Term A Loan and an $8.0 million Senior Term B Loan.  The credit facility allows the election of a floating interest rate (currently at 3.00%), or fixed LIBOR rates (currently at 2.68%), substantially below the cost of the prior credit facility.  At closing the Company had $10.0 million available on the revolver with zero drawn.  Only the Senior Term A Loan was funded at closing in the amount of $27.0 million.  Term B Loan can be drawn under certain conditions within the next 364 days. No funds were drawn at closing.

InfuSystem Holdings, Inc. is a leading provider of infusion pumps and related services to hospitals, oncology practices and other alternate site healthcare providers.  Headquartered in Madison Heights, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Texas and Ontario, Canada.

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