HCA strikes deal to boost financial flexibility amid COVID-19 pandemic

Nashville, Tenn.-based HCA Healthcare has inked a deal with two banks that will allow it to take out up to $2 billion in loans if needed as COVID-19 spreads across the U.S. and creates financial uncertainties, according to The Nashville Post. 

HCA struck the deal with Bank of America and Wells Fargo Bank. Under the deal, the hospital operator can take out term loans in two draws before next March. HCA has not withdrawn money yet. 

HCA leaders said the deal is helping the company build in "financial flexibility in light of the uncertainty resulting from the novel coronavirus pandemic."

In addition, HCA is pausing plans on construction projects and will halt buybacks of HCA shares.  

Last year, HCA spent more than $1 billion on share buybacks.

Read the full report here

More articles on healthcare finance:
'This is going to be the death blow': Coronavirus threatens to shut hundreds of rural hospitals 
Northwell Health delays bill payments for patients affected by COVID-19
Pennsylvania hospital furloughs employees not directly caring for patients

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