American HomePatient expands bank credit facility to $325.0 million.BRENTWOOD, Tenn.--(BUSINESS WIRE)--June 11, 1997--Edward K. Wissing, president and chief executive officer of American HomePatient Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AHOM), today announced the company had expanded its bank credit facility from $225.0 million to $325.0 million. The new facility includes a $150.0 million five-year term loan and a $175.0 million 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. . The 12 banks participating in the credit facility are: Bankers Trust Co., as agent; NationsBank of Tennessee N.A.; Rabobank Nederland; PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank, Kentucky Inc.; SunTrust Bank, Nashville N.A.; AmSouth Bank of Alabama; Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). ; CoreStates Bank; ABN Amro N.V. Inc.; First American National Bank For other banks with a similar name, see . First American National Bank was a subsidiary of First American National Corporation, a financial institution based in Nashville, Tennessee that served the states of Tennessee, Kentucky, Georgia and Virginia. ; The Sakura Bank Ltd; and ScotiaBank Inc. "The expanded commitment, which includes increases from the existing bank group and the addition of four new banks to the syndicate, are exciting new developments for American HomePatient," said Mary Ellen Rodgers, senior vice president and chief financial officer. "This quality bank group understands our industry and fully supports American HomePatient's strategy for continued growth and success." The expanded bank facility provides American HomePatient additional financial flexibility and capacity to continue plans for acquisition growth, according to Wissing. "Home health care continues to be one of the most exciting and fastest growing segments of health care. We believe the consolidation occurring in home health care due to the pressures brought on by managed care and government reimbursement changes is still in the early stages. American HomePatient is well positioned both strategically and financially to continue to pursue our plans for expansion and to take advantage of the consolidation opportunities present in today's home health care environment." American HomePatient was one of the most active consolidators in the industry in 1996 having acquired 40 companies with 101 home health centers and approximately $110.0 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues. Since Jan. 1, 1997, the company has continued the acquisition pace set the previous year by purchasing 11 companies with 24 home health care centers and annualized revenues of $25.4 million. American HomePatient is one of the nation's largest home health care providers with 312 centers in 34 states throughout the country. Its primary product and service offerings include respiratory services, infusion therapy, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition, and medical equipment and supplies for patients in the home or alternate setting. American HomePatient's common stock is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM. CONTACT: American HomePatient, Inc., Brentwood Edward K. Wissing or Kathey S. Palmer, 615/221-8884 |
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