UPMC extends $1B credit line

Pittsburgh-based UPMC said it is extending a credit line of up to $1 billion, according to a May 30 filing.

The $1 billion line of credit builds on similar arrangements with a variety of lenders dating to Jan. 24, 2019, according to the filing. The lenders as of the May 30 filing include the Bank of New York Mellon, Key Bank, Royal Bank of Canada, Bank of America, HSBC, Huntington National Bank and Barclays.

The proceeds of the credit extension will be used "for general corporate purposes, working capital requirements and liquidity requirements arising in the normal course of business and from unexpected business disruptions," according to the filing.

UPMC, a 40-hospital system that is dealing with a "groundbreaking antitrust complaint" filed May 18 by a group of labor unions, reported operating income of $100.4 million in the first quarter of 2023.

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