Phreesia Inc. (NYSE: PHR) announced it has entered into a new $275 million revolving credit facility with Capital One, National Association serving as agent for the lenders, according to a company statement.

The healthcare technology company borrowed approximately $92.2 million under the new facility at closing to repay all outstanding debt under its existing bridge loan, which was terminated without penalty. The company had previously repaid $20 million of the bridge loan during its fiscal fourth quarter ended January 31.

The bridge loan was a 364-day $110 million secured term loan with Goldman Sachs Bank USA dated November 12, 2025, which was used to fund part of the acquisition of AccessOne Parent Holdings Inc. and its subsidiaries.

The new credit facility also replaces Phreesia's existing $50 million senior secured asset-based revolving credit facility with Capital One, which had no outstanding borrowings and was terminated without penalty.

Remaining availability under the new facility may be used for working capital, capital expenditures, acquisitions and other corporate purposes.

"This refinancing is consistent with our stated plan to replace the bridge loan with a long-term revolving credit facility," said Chaim Indig, Phreesia's CEO and co-founder. "The new facility reduces our borrowing costs and enhances our longer-term financial flexibility."

Phreesia filed additional details about the transaction in a Current Report on Form 8-K with the Securities and Exchange Commission on March 16.