PLYMOUTH MEETING, Pa.–(BUSINESS WIRE)–AdaptHealth Corp. (NASDAQ: AHCO), a national leader in providing patient-centric and technology-enabled chronic disease management solutions including home healthcare equipment, medical supplies to the home and related services in the United States announced today that it has amended its senior secured credit facilities to increase its term loan by $100 million and to expand the maximum borrowing capacity under its revolving credit facility from $250 million to $450 million. The primary use of proceeds of the additional term loan will be to repay all existing revolving credit borrowings and the entire $450 million revolving credit facility will be available to the Company to fund acquisitions and for general corporate purposes. The principal terms of the senior secured credit facilities, including interest rates, principal amortization and covenants remain unchanged.
Steve Griggs, Co-CEO of AdaptHealth commented, “We appreciate the support of the Company’s lenders as we continue to execute on the Company’s growth strategy. Building on the combination of AdaptHealth and AeroCare in February 2021, we are seeing sustained opportunities to continue our growth through strategic and accretive acquisitions in all of our core businesses. The additional funding is critical to our ability to move quickly and capitalize on these opportunities. Having completed 245 acquisitions on a combined basis since 2012 (85 completed by AdaptHealth and 160 by AeroCare), I’m very confident that our acquisition program will continue to substantially contribute to AdaptHealth’s future financial success. ”
Josh Parnes, President of AdaptHealth also commented, “We are also very pleased at the progress we have made integrating the operations of AdaptHealth and AeroCare. We are confident that those integration efforts will enhance our ability to integrate future acquisitions on to our best-in-class technology platforms and drive internal process and operating efficiencies.”
Regions Capital Markets, a division of Regions Bank, acted as Lead Arranger and sole Administrative Agent in connection with the incremental senior secured credit facility, and Citizens Bank, N.A. and Truist Securities, Inc. acted as Joint Lead Arrangers on the credit agreement expansion.
About AdaptHealth Corp.
AdaptHealth is a national leader in providing patient-centric and technology enabled chronic disease management solutions including home healthcare equipment, medical supplies to the home and related services in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life and thrive. Product and services offerings include (i) sleep therapy equipment, supplies and related services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) medical devices and supplies to patients for the treatment of diabetes (including continuous glucose monitors and insulin pumps), (iii) home medical equipment (HME) to patients discharged from acute care and other facilities, (iv) oxygen and related chronic therapy services in the home, and (v) other HME medical devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy and nutritional supply needs. The Company is proud to partner with an extensive and highly diversified network of referral sources, including acute care hospitals, sleep labs, pulmonologists, skilled nursing facilities, and clinics. AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors. AdaptHealth services nearly 3 million patients annually in all 50 states through its network of over 500 locations in 46 states. Learn more at www.adapthealth.com.
