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PNC Provides $200MM Asset-Based Loan to Support Concordance Merger

May 18, 2016, 07:55 AM
Filed Under: Distribution

PNC Bank, N.A., announced the closing of a $200 million asset-based revolving credit facility for Concordance Healthcare Solutions, a leading healthcare distributor based in Tiffin, OH. PNC Capital Markets LLC acted as joint lead arranger on the syndication of the loan; PNC Bank, N.A. is the administrative agent. The funds will be used to finance the merger of Seneca Medical, Inc., Midwest Medical Supply, Inc., and Kreisers, LLC, and to refinance existing debt.

Concordance, one of the largest, independent, regional healthcare distributors in the United States, finalized the merger in March 2016. The company offers products, equipment and supply chain solutions to the entire healthcare continuum with divisions and experienced professionals, dedicated to hospitals, nursing homes, health systems, physician practices, labs, government facilities, specialty products, home care, hospice, healthcare education, EMS and redistribution businesses.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc.. PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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