ONTARIO, Calif., Jan. 26, 2016 /PRNewswire/ -- Prime Healthcare Services, Inc. ("Prime") today announced that it has closed a $700 million senior secured credit facility ("Facility") lead jointly by Wells Fargo Bank, N.A. ("Wells Fargo") and Barclays Bank, PLC ("Barclays")
The Facility, which was increased from its original amount due to strong demand, is comprised of a $400 million revolving credit facility, a $200 million term loan and a $100 million accordion which will be used to strengthen Prime Healthcare and fund acquisitions, leading to continued growth while serving the mission of Prime Healthcare to save hospitals, save jobs and save lives.
Prime Healthcare stands apart from others by its unique ability to save and transform hospitals, and has been recognized as the fastest growing hospital system in the United States by Modern Healthcare.
"This financing is a significant step in furthering our growth strategy of turning around and improving essential community hospitals throughout the country," said Prem Reddy, MD, Chairman, President and CEO of Prime Healthcare. "Our hospitals are dedicated to improving healthcare and adding value to the lives of patient and communities. This value will grow as we continue to grow. We are grateful to everyone involved in this important transaction."
About Prime Healthcare:
Prime Healthcare is an award-winning national hospital system with 38 acute-care hospitals providing nearly 40,000 jobs in 11 states. Eight of the hospitals are members of the Prime Healthcare Foundation, a 501(c)(3) public charity. Based in California and one of the largest hospital systems in the country, Prime Healthcare is committed to ensuring access to quality healthcare. Prime Healthcare and its hospitals have been recognized as among the "100 Top Hospitals" in the nation 33 times and among the "15 Top Health Systems" three times, and Prime Healthcare is the only "10 Top Health System" west of the Mississippi. Prime Healthcare hospitals are recognized as "Top Performers on Key Quality Measures" by The Joint Commission. For more information, please visit www.primehealthcare.com.
SOURCE Prime Healthcare