This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

InfuSystem Announces New $36.5 Million Credit Facility

InfuSystem Holdings, Inc. (NYSE MKT: INFU) (“InfuSystem” or the “Company”), the leading national provider of infusion pumps and related services for the healthcare industry in the United States, announced today that it has replaced and refinanced its $35.0 million bank facility with a new $36.5 million credit facility, in order to provide additional financial and operational flexibility.

On November 30, 2012, the Company, advised by Houlihan Lokey, entered into a $36.5 million, four-year senior secured credit agreement with Wells Fargo Bank, N.A. and funds managed by PennantPark Investment Advisers, LLC. The new credit facility is comprised of an asset based loan revolver, Senior Term Loan, and Junior Term Loan bearing interest at a floating rate, which is currently 9.25%, substantially below the cost of the prior credit facility as amended.

"This new credit facility, developed in partnership with two preeminent financial lending institutions, optimizes our ability to execute our strategic business plan," said InfuSystem’s Interim Chief Executive Officer, Dilip Singh. “It also represents another significant milestone in the reshaping of InfuSystem, and reflects the solid foundation the Company has established since the current leadership assumed full control of the Company during the second quarter of 2012.”

On November 14, 2012 the Company reported that it had returned to profitability in the third quarter ended September 30, 2012.

Jonathan Foster, InfuSytem’s Chief Financial Officer, noted that the new credit facility will further strengthen the balance sheet. “We were able to obtain the new loan on competitive terms well ahead of the prior facility expiring on July 1, 2013, and expect to reduce our scheduled principal loan payments by approximately $2.1 million on an annual basis, further enhancing operational cash flow.”

About InfuSystem Holdings, Inc.

InfuSystem Holdings, Inc. is the leading provider of infusion pumps and related services to hospitals, oncology practices and other alternate site healthcare providers. Headquartered in Madison Heights, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, and Ontario, Canada. The Company’s stock is traded on the NYSE MKT under the symbol INFU.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs