MiraMed Announces New Senior Secured Credit Facility
JACKSON, Mich.--(BUSINESS WIRE)--Aug 20, 2018--MiraMed Global Services (MiraMed), a leader in healthcare revenue cycle management (RCM) services and business process outsourcing (BPO) solutions, announces it has completed a new five-year, $75 million syndicated senior secured credit facility. This new facility replaces the company’s prior facility, which was scheduled to expire in December, 2018. The new facility enhances MiraMed’s financial flexibility, providing increased capacity to drive growth through strategic acquisitions along with working capital, as needed.
Facility Includes an Accordion Feature to Support Acquisition Growth Strategy
The credit facility also includes an accordion feature, which could expand commitments in revolver or incremental term loans, at MiraMed’s option, under the credit agreement.
“This credit facility provides MiraMed with the financial flexibility to better serve the growing needs of our healthcare clients and to continue to pursue accretive acquisitions aligned with our growth strategy,” stated Tony Mira, founder and chief executive officer of MiraMed Global Services. “We appreciate the strong support and confidence of our new global lender group, which is well equipped to address the needs of our growing, global organization.”
Citibank, N.A. (Citi) acted as the sole book runner and lead arranger for the syndicated credit facility. Citizens Bank acted as lead arranger and syndication agent. HSBC Bank and Fifth Third Bank acted as co-documentation agents. Gibson Dunn & Crutcher, LLP advised MiraMed and Reed Smith, LLP acted as Agent’s counsel on the transaction.
Steve Green, Director and Head of Middle Market for Citibank Midwest, states, “Citi was pleased to support a syndicated senior secured credit facility for MiraMed Global Services to help support their capital needs as they pursue the continued growth of their family of companies.”
Headquartered in Jackson, Michigan, MiraMed Global Services stands as the premier global provider of business process outsourcing solutions to healthcare organizations nationwide. MiraMed partners with hospitals, health networks, physician practices and related industry service organizations to provide a broad portfolio of customizable solutions, uncover and capitalize on hidden financial opportunities, improve productivity and ultimately increase profits. MiraMed has offices in Jackson, MI, Chicago, IL, Birmingham, AL, Thousand Oaks, CA, Walnut Creek, CA, Boston, MA, Dearborn, MI, Portland, OR, Dallas, TX, Chennai, India and Manila, Philippines.
MiraMed pairs healthcare industry experts with world-class processes, infrastructure and technology to deliver meaningful and measurable results. This proprietary model enables sustainable change by delivering a complete, customizable enhanced revenue cycle solutions devised to meet a client’s own unique financial and organizational needs.
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CONTACT: MiraMed Global Services
KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN
INDUSTRY KEYWORD: HEALTH OTHER HEALTH PROFESSIONAL SERVICES FINANCE
SOURCE: MiraMed Global Services
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PUB: 08/20/2018 09:35 AM/DISC: 08/20/2018 09:35 AM