Lafayette-based emergency department staffing and management company raises $120 million in senior credit facilities through GE Capital, Healthcare Financial Services.
Schumacher Group, the Lafayette-based emergency department staffing and management company that sits atop ABiz's list of the largest private companies in the region, confirmed in September that it had refinanced its debt and raised $120 million in senior credit facilities through GE Capital, Healthcare Financial Services.
The new facilities include a $40 million, five-year revolving line of credit and an $80 million, five-year term loan. Proceeds of the transaction and cash on hand of $29 million were used to restructure $109 million in debt and will also be used general corporate purposes, including working capital needs, acquisitions, joint ventures or other investments.
"We are very pleased about this new agreement, which extends our debt maturity to 2019, meaningfully lowers our interest costs, and provides enhanced flexibility to meet the capital needs of the company, including possible strategic transactions such as acquisitions or joint ventures if those opportunities arise," Dr. William "Kip" Schumacher, the company's founder and executive chairman, said in a prepared statement. "We also appreciate the continued support from our existing lenders necessary to complete this transaction, along with the addition of four new institutions to our lending group."
Schumacher, which has more than 1,600 employees and offices in six states, was founded in 1994 and generated $612 million in revenues last year. The company partners with more than 3,000 providers to help treat approximately 4 million patients annually.
Read more about Schumacher here.