A Medical Device Daily Staff Report
The Ensign Group (Mission Viejo, California) reported that Ensign and its operating subsidiaries have secured a $150 million senior credit facility from a five-bank lending consortium arranged by SunTrust Robinson Humphrey and Wells Fargo Securities.
The five-year credit facility includes a $75 million revolving credit line that will replace Ensign's expiring $50 million accounts receivable line that has been in place since early 2008. It also includes a $75 million term loan component, approximately $40 million of which will be deployed immediately to refinance an existing mortgage that was previously secured by six of Ensign's 58 owned facilities, for a longer term and at an interest rate reduction of more than 300 basis points.
In other financing news:
• Greenway Medical Technologies (Carrollton, Georgia) of the integrated electronic health record (EHR), practice management and interoperability healthcare solution PrimeSUITE, said that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of shares of its common stock.
The number of shares to be offered and the price range of the offering have not yet been determined.
J.P. Morgan and Morgan Stanley are acting as lead active book-runners and William Blair is acting as passive book-runner.
• Lophius Biosciences (Regensburg, Germany), reported the closing of an additional financing round totaling €1.4 million.
All current financial investors, such as S-Refit, High-Tech Gründerfonds (HTGF) as well as Bayernkapital participated in this financing round. The funds will be used for the market introduction of the T-Track CMV/EBV tests in the field of transplantation, for further development of a diagnostic test for the differential diagnosis of tuberculosis, as well as for the new development of a novel, blood-based multiple sclerosis test.