Thursday, Pediatrix Medical Group, Inc. (PDX), a pediatric physician and anesthesiology services provider, announced the completion of a new $350 million revolving credit facility.
The Fort Lauderdale, Florida-based company said that the new credit facility also provide an option that would allow Pediatrix to raise the total borrowing capacity under the facility to $400 million.
The company said that the new facility matures in five years, and replaces a $225 million revolving credit facility that was due to expire in 2009. Pediatrix plans to use the credit facility to fund acquisitions and other corporate purposes.
The new line of credit was provided by a syndicate of 12 financial institutions that includes, Wachovia Bank, National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, and U.S. Bank, N.A., as Documentation Agent.
Wachovia Capital Markets, LLC acted as Joint Lead Arranger and Sole Bookrunner and Banc of America Securities LLC acted as Joint Lead Arranger.
PDX is currently trading at $56.77, down $0.03 or 0.05%.
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