Prime Healthcare closes $700M financing transaction

Ontario, Calif.-based Prime Healthcare Services has closed a $700 million senior secured credit facility, which is comprised of a $400 million revolving credit facility, a $200 million term loan and a $100 million accordion.

The facility, led jointly by Wells Fargo Bank and Barclays Bank, will be used to help Prime expand its footprint by funding acquisitions.

"This financing is a significant step in furthering our growth strategy of turning around and improving essential community hospitals throughout the country," said Prem Reddy, MD, chairman, president and CEO of Prime Healthcare. "We are grateful to everyone involved in this important transaction."

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