Orion HealthCorp (ONH) Updates Major Strategic Initiatives
Orion HealthCorp, Inc. (AMEX: ONH) announced that it had completed its previously announced acquisition of all of the issued and outstanding stock of two revenue cycle management companies located in Los Angeles, California, and Mobile, Alabama.
In addition, the Company also announced the completion of its previously announced debt and equity private placement with Phoenix Life Insurance Company and with Brantley Partners IV, L.P., currently Orion's largest investor, resulting in gross proceeds to the Company of $8 million.
The Company also announced that it had entered into an agreement with Wells Fargo Foothill, Inc. for the provision of a new senior secured credit facility in the aggregate principal amount of $16.5 million, consisting of a $2 million revolving loan commitment, a $4.5 million term loan and a $10 million acquisition facility commitment available, subject to certain conditions, for future acquisitions.
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