TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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October 23, 2019
Source: PR Newswire
CRH Medical Corporation (TSX: CRH) (NYSE MKT: CRHM) ("CRH" or the "Company") today announced that it has entered into a new, three year revolving credit facility (the "new facility"), which provides up to $200 million in borrowing capacity, and represents an increase from the company's previous $100 million facility. The new facility includes a committed $125 million facility and access to an accordion feature that would increase the amount of credit available to CRH by $75 million.
The lending syndicate for the new facility is led by JPMorgan Chase Bank, N.A. ("J.P. Morgan") and also includes The Bank of Nova Scotia, U.S. Bank and Wells Fargo.
The new facility reduces the interest rate payable by CRH by as much as 100 bps to LIBOR plus 125 bps, up to LIBOR plus 175 bps, based upon CRH's debt to EBITDA ratio. Other improved terms include a maximum debt to EBITDA ratio of 3x and a minimum interest coverage ratio of 3x.
Richard Bear, Chief Financial Officer of CRH, stated, "We are pleased with this new agreement as it provides access to increased liquidity and financial flexibility while lowering our borrowing costs. We expect the combination of our cash flow, capital structure and liquidity to support future value creation initiatives on behalf of our shareholders."
Tushar Ramani, Chief Executive Officer of CRH, added, "CRH is proud to have secured this important level of funding by some of the highest caliber lenders in the healthcare industry. We appreciate their confidence in our business and look forward to our continued relationship with each of them."
Sebastien Boulanger, Executive Director with J.P. Morgan, stated, "CRH is a leading healthcare services provider. J.P. Morgan is very pleased to lead CRH's new facility and support the company in its next stage of growth."
About CRH Medical Corporation:
CRH Medical Corporation is a North American company focused on providing gastroenterologists throughout the United States with innovative services and products for the treatment of gastrointestinal diseases. In 2014, CRH became a full-service gastroenterology anesthesia company that provides anesthesia services for patients undergoing endoscopic procedures in ambulatory surgical centers. To date, CRH has completed 23 anesthesia acquisitions. CRH now serves 52 ambulatory surgical centers in 11 states and performs approximately 333,000 procedures annually. In addition, CRH owns the CRH O'Regan System, a single-use, disposable, hemorrhoid banding technology that is safe and highly effective in treating all grades of hemorrhoids. CRH distributes the O'Regan System, treatment protocols, operational and marketing expertise as a complete, turnkey package directly to gastroenterology practices, creating meaningful relationships with the gastroenterologists it serves. CRH's O'Regan System is currently used in all 48 lower US states.
