Pediatrix Grows Revolver

Pediatrix Medical Group has increased its borrowing capacity and extended maturities through a new $150 million, five-year revolver.

  • 06 Aug 2004
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Pediatrix Medical Group has increased its borrowing capacity and extended maturities through a new $150 million, five-year revolver. The revolver gives the medical-services provider the option of increasing its borrowing capacity by a further $50 million. "We wanted to have as much flexibility as possible to have better access to capital for acquisitions and other corporate purposes," said Bob Kneeley, director of investor relations at Pediatrix.

The new facility replaces an expiring $100 million, three-year revolver and is led by Bank of America. "We grow by acquiring other practices. We use cash and lines of credit. The old one was expiring late this month so it was time to negotiate," Kneeley noted. Fleet Bank led the company's previous facility. Underlining the reasons for continuing its association with B of A after the Fleet merger, he said, "It's a combination of the relationship and their understanding of the business and the sector."

  • 06 Aug 2004

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