- The newly funded facility continues to be led and managed by
JPMorgan Chase Bank, N.A. and includes a primary $175M credit facility, with an additional
$125M accordion for future growth and
flexibility and includes two new syndicate members.
- There were no material changes from the terms of the previous
credit facility, exemplifying continued strong financial
performance.
VANCOUVER, BC and ATLANTA, Jan. 31,
2024 /PRNewswire/ - WELL Health Technologies Corp.
(TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company"),
a digital healthcare company focused on positively impacting health
outcomes by leveraging technology to empower healthcare
practitioners and their patients globally, is pleased to announce
it has closed the refinancing of a new credit facility for its
subsidiary, WELL Health USA led by
JPMorgan Chase Bank, N.A.
Jay Kreger, CEO of WELL
USA, commented, "WELL USA's recent successful refinancing is a true
testament to the strength, resilience, and growth prospects of its
business. This arrangement enhances WELL USA's financial flexibility, essential for
executing its strategic growth plans and maintaining its commitment
to financial discipline. It strengthens WELL USA's capacity to pursue key investments and
acquisitions, aligning with the Company's commitment to empower
practitioners and generating long-term shareholder value."
The newly refinanced credit facility matures in three years and
carries a floating interest rate with a base of 175 basis points
above SOFR which increases depending on levels of leverage
ratio.
The new facility is provided by a syndicate led by JPMorgan
Chase Bank, N.A. and includes CIBC, HSBC Canada, The Bank of
Nova Scotia, and two new syndicate
members: The Bank of Montreal and
The Export Development Corporation, which is wholly owned by the
Government of Canada.
Hamed Shahbazi, Founder and CEO
of WELL, commented, "This is a monumental achievement given how
much credit markets have changed in the past few years and how
little our credit facility has changed. We would like to thank
JPMorgan Chase Bank, N.A. for all their support and leadership in
gathering this phenomenal mostly Canadian syndicate. We are also
highly appreciative of JPMorgan Chase Bank, N.A., CIBC, HSBC
Canada, and The Bank of Nova
Scotia for their continued support and would like to express
our gratitude and a warm welcome to our new syndicate members, The
Bank of Montreal, and the Export
Development Corporation for this strong support."
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL's mission is to tech-enable healthcare providers. We do
this by developing the best technologies, services, and support
available, which ensures healthcare providers are empowered to
positively impact patient outcomes. WELL's comprehensive healthcare
and digital platform includes extensive front and back-office
management software applications that help physicians run and
secure their practices. WELL's solutions enable more than 33,000
healthcare providers between the US and Canada and power the largest owned and
operated healthcare ecosystem in Canada with more than 165 clinics supporting
primary care, specialized care, and diagnostic services. In
the United States WELL's solutions
are focused on specialized markets such as the gastrointestinal
market, women's health, primary care, and mental health. WELL is
publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and on the OTC Exchange under the symbol "WHTCF". To learn
more about WELL, please visit: www.well.company.
About WELL Health USA
WELL Health USA operates as the
US based platform for shared services under WELL Health
Technologies Corp. WELL Health USA
was previously known as CRH Medical, and still operates its
business units under the following brands: CRH Anesthesia, CRH
O'Regan Hemorrhoid Care, and Radar Healthcare Providers.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/well-health-usa-announces-successful-refinancing-of-us-300m-credit-facility-with-jpmorgan-chase-bank-na-demonstrating-a-healthy-balance-sheet-and-substantial-room-for-growth-302048894.html
SOURCE WELL Health Technologies Corp.