05:10:05 EDT Sat 04 May 2024
Enter Symbol
or Name
USA
CA



Well Health Technologies Corp
Symbol WELL
Shares Issued 239,515,338
Close 2024-01-30 C$ 3.81
Market Cap C$ 912,553,438
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Well Health refinances $300M (U.S.) credit facility

2024-01-31 10:50 ET - News Release

Mr. Hamed Shahbazi reports

WELL HEALTH USA ANNOUNCES SUCCESSFUL REFINANCING OF US $300M CREDIT FACILITY WITH JPMORGAN CHASE BANK, N.A., DEMONSTRATING A HEALTHY BALANCE SHEET AND SUBSTANTIAL ROOM FOR GROWTH

Well Health Technologies Corp. has closed the refinancing of a new credit facility for its subsidiary, Well Health USA, led by JPMorgan Chase Bank, N.A.

Jay Kreger, chief executive officer of Well USA, commented: "Well USA's recent successful refinancing is a true testament to the strength, resilience and growth prospects of its business. This arrangement enhances Well USA's financial flexibility, essential for executing its strategic growth plans and maintaining its commitment to financial discipline. It strengthens Well USA's capacity to pursue key investments and acquisitions, aligning with the company's commitment to empower practitioners and generating long-term shareholder value."

The newly refinanced credit facility matures in three years and carries a floating interest rate with a base of 175 basis points above secured overnight financing rate which increases depending on levels of leverage ratio.

The new facility is provided by a syndicate led by JPMorgan Chase Bank, N.A. and includes CIBC, HSBC Canada, Bank of Nova Scotia, and two new syndicate members: Bank of Montreal and The Export Development Corp., which is wholly owned by the government of Canada.

Hamed Shahbazi, founder and CEO of Well, commented: "This is a monumental achievement given how much credit markets have changed in the past few years and how little our credit facility has changed. We would like to thank JPMorgan Chase Bank, N.A. for all their support and leadership in gathering this phenomenal mostly Canadian syndicate. We are also highly appreciative of JPMorgan Chase Bank, N.A., CIBC, HSBC Canada and the Bank of Nova Scotia for their continued support and would like to express our gratitude and a warm welcome to our new syndicate members, the Bank of Montreal and the Export Development Corp., for this strong support."

About Well Health Technologies Corp.

Well's mission is to tech-enable health care providers. It does this by developing the best technologies, services and support available, which ensures health care providers are empowered to positively impact patient outcomes. Well's comprehensive health care and digital platform includes extensive front- and back-office management software applications that help physicians run and secure their practices. Well's solutions enable more than 33,000 health care providers between the United States and Canada and power the largest owned and operated health care ecosystem in Canada with more than 165 clinics supporting primary care, specialized care and diagnostic services. In the United States Well's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care and mental health.

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