Montréal, Québec – August 30, 2021 – Premier Health of America Inc. (TSXV: PHA) (the “Corporation” or “Premier Health”), a leading Canadian Healthtech company, announces it has negotiated the provision of two senior secured credit facilities by Royal Bank of Canada (“RBC”) for a total amount of up to C$27,00,000 (each a “Credit Facility”).
The first Credit Facility is a C$25,000,000 committed senior secured revolving facility maturing 3 years from the closing date. The terms include a C$10M accordion feature that enables the Corporation to request increases in the total commitment by an aggregate amount of up to C$10M, subject to RBC’s approval. The purpose of the facility is to refinance existing debt of approximately C$8.8M and for general corporate purposes, including future acquisitions. The second Credit Facility is a C$2,000,000 uncommitted revolving lease line to finance equipment including rolling stock.
In connection with the Credit Facilities, the Corporation and its wholly owned subsidiaries will be entering into a general security agreement and a deed of movable hypothec in favor of RBC, charging all personal/movable property of the Corporation, on terms and conditions customary for such financing. The Credit Facilities are subject to conditions precedent to closing customary to credit agreements of this nature including but not limited to the execution and delivery of loan and security documents and all necessary authorizations and approvals.
“Having access to flexible credit arrangements improves our financial structure and is also a tangible sign of Premier Health’s increasing maturity.” Said Martin Legault, CEO of Premier Health.
Sylvain Charbonneau, Premier Health’s CFO added: “additional funds and added flexibility will ensure our ability to maintain our growth without interruption.”
About Premier Health
Premier Health is a leading Canadian Healthtech company that provides a comprehensive range of outsourced services solutions for healthcare needs to governments, corporations, and individuals. Premier Health uses its proprietary PSweb platform to lead the healthcare services sector digital transformation to provide patients with faster, cheaper and more accessible care services.
For Further Information Please Contact:
Mr. Jean-Robert Pronovost
Vice-President, Corporate Development
Premier Health of America Inc.
[email protected] / 1 800 231 9916
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Corporation’s common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Corporation assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. These factors and others are more fully discussed in the filings of the Corporation with Canadian securities regulatory authorities available at www.sedar.com.