Corus Orthodontists, a North American orthodontic partnership community, mentioned Wednesday it has elevated its secured syndicated credit score facility to C$250 million from C$175 million.
The ability, supplied by way of a syndicate of Canadian and U.S. lenders, additionally contains an uncommitted accordion characteristic that enables for enlargement as much as C$325 million. The Canadian Imperial Financial institution of Commerce is appearing as sole lead arranger and administrative agent, with Scotiabank and ATB Monetary serving as co-documentation brokers.
The settlement extends the power’s maturity by three and a half years, from December 2025 to December 2028. Corus mentioned it has additionally considerably hedged the floating parts of its rate of interest publicity at or beneath present market charges by way of the time period of the deal.
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“This extension and enlargement underscores our concentrate on natural and inorganic profitability and sustaining a powerful stability sheet,” mentioned Peter Bishop, the corporate’s chief monetary officer.
“With a stable basis in place, we’re well-positioned to proceed increasing and strengthening our distinctive doctor-led mannequin throughout North America,” he added.
Corus says it has one of many lowest debt profiles amongst dental service organizations. With the enlargement and its present money reserves, the corporate now has greater than C$100 million in out there capital for acquisitions.
Based in 2019, Corus has greater than 75 places throughout 13 U.S. states and 5 Canadian provinces.