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Source: Protech Home Medical Corp.
CINCINNATI, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Protech Home Medical Corp. (“Protech” or the “Company”) (TSXV: PTQ), (OTCQX: PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is very pleased to announce that it has entered into a US$20 million senior credit facility with CIT (NYSE:CIT).
Financing Details
Protech has entered into an Asset-Based Revolving Credit Facility with CIT’S Healthcare Finance business, part of its Commercial Finance division, pursuant to which the lender has agreed to advance up to $20 million at a tiered rate, this agreement has a four year maturity and may be extended pursuant to both parties agreement.
Commentary
“This senior credit facility with CIT is truly a momentous moment for Protech and I could not be prouder of the entire team for their continued hard work that led us to this very significant moment. With this new credit facility in place, we have added another tool in our toolbox that will further enable us to take the Company through its next stage of growth with our key objectives in mind,” said Greg Crawford, Chairman and CEO of Protech. “The Credit Facility provides the Company with greatly enhanced financial flexibility and further strengthens our financial position to ensure our ability to continue to execute on our growth strategy and enhance long term shareholder value. We are extremely excited to have entered into this agreement with CIT’s Healthcare Finance business, as it further validates our model, and provides for a continued expansion of our merger and acquisition strategy. We are confident that this additional bolstering of our balance sheet will help Protech extend its presence into existing and new markets. We look forward to growing with CIT as we aim to increase our credit facility over time.”