TORONTO, Aug. 30, 2018 /CNW/ - Medical Facilities
Corporation ("Medical Facilities," "MFC," or the "Company") (TSX:
DR), has entered into an agreement providing for a new U.S.
$150 million syndicated revolving
credit facility.
The new U.S. dollar denominated credit facility has a five year
maturity and replaces the Company's $100
million Canadian dollar denominated facility that was due to
mature at the end of 2018. Subject to the terms of the credit
agreement, the new revolving credit facility may be used for
acquisitions and other general corporate purposes.
"We are pleased to have obtained a much larger credit facility
under favorable terms," said Robert O.
Horrar, President and CEO of Medical Facilities. "The new
credit facility better supports our future growth efforts,
significantly increasing our flexibility as we focus on building
scale and further diversifying our portfolio through accretive
acquisitions."
The lending syndicate is comprised of National Bank of
Canada, The Toronto-Dominion Bank
and HSBC Bank Canada.
About Medical Facilities
Medical Facilities, in
partnership with physicians, owns surgical facilities in
the United States. Medical
Facilities' portfolio includes controlling interest in five
specialty surgical hospitals located in Arkansas, Indiana, Oklahoma, and South
Dakota, and an ambulatory surgery center located in
California. In addition, through a
partnership with NueHealth LLC, Medical Facilities owns majority
interest in seven ambulatory surgery centers located in
Arkansas, Michigan, Missouri, Nebraska, Ohio, Oregon,
and Pennsylvania. The specialty
surgical hospitals perform scheduled surgical, imaging, diagnostic
and other procedures, including primary and urgent care, and derive
their revenue from the fees charged for the use of their
facilities. The ambulatory surgery centers specialize in outpatient
surgical procedures, with patient stays of less than 24 hours.
Medical Facilities is structured so that a majority of its free
cash flow from operations is distributed to the holders of its
common shares in the form of dividends. For more information,
please visit www.medicalfacilitiescorp.ca.
SOURCE Medical Facilities Corporation