APRIA HEALTHCARE ANNOUNCES NEW $800 MILLION CREDIT FACILITY.COSTA MESA, Calif.--(HealthWire)--Aug. 7, 1996--Apria Healthcare Group Inc. (NYSE NYSE See: New York Stock Exchange :AHG AHG antihemophilic globulin (coagulation factor VIII). AHG abbr. antihemophilic globulin AHG antihemophilic globulin (clotting factor VIII). ) announced today that it has received commitments for an $800 million credit facility to be financed by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and NationsBank as co-arrangers, plus a syndicate of 16 other banks. The company expects to sign the agreement, which is structured as an unsecured, five-year revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. , on August 9, 1996. "This new facility will provide Apria with approximately $400 million in available credit beyond present borrowing levels," said Jeremy M. Jones, Apria chairman and chief executive officer. "We expect to use part of the credit to fund the cash portion of our merger with Vitas Healthcare Corp., set to close later this year. Also, it will provide Apria added financial flexibility for competing in the expanding healthcare marketplace." Jones also noted that the new credit facility carries a very competitive interest rate which will help to minimize increases in interest expense. Apria Healthcare provides and/or manages comprehensive integrated homecare services which include home infusion, respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, , home medical equipment, women's healthcare, nursing and coordinated care through 350 locations serving patients in 49 states. CONTACT: Apria Healthcare Group Inc., Costa Mesa Lawrence H. Smallen, 714/427-4935 or Sheree L. Aronson 714/427-4919 |
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