(Ontario, CA) – Today, Prime Healthcare Foundation, Inc., a not for profit hospital system, announced that it has closed a $160 million senior secured credit facility (Facility) led by BBVA Compass (BBVA). The Facility, which may be expanded in the future through a $50 million accordion feature, will be used to fund acquisitions and support operations.
"We appreciate the support of our lending partners to further the mission of the Prime Healthcare Foundation, which is dedicated to providing compassionate, quality healthcare to communities across the country," said Kavitha Reddy Bhatia, MD, Chair of the Prime Healthcare Foundation. "This financing will strengthen our position and allow for continued growth."
BBVA led the Facility with key participant lenders including Citizens Bank, City National Bank, Northern Trust and United Missouri Bank. "Prime Healthcare Foundation has shown strong leadership in the healthcare industry through their ability to turn around struggling hospitals in a constantly changing environment," said Jason Consoli, senior vice president for BBVA. "We are extremely pleased to complete this financing and expand our relationship with the Foundation."
With the addition of Coshocton Regional Medical Center in Coshocton, Ohio on November 1, 2016, Prime Healthcare now owns and operates 44 hospitals in 14 states with nearly 43,500 employees and physicians. Prime Healthcare Foundation owns and operates 12 of the hospitals located in five states with nearly $1 billion in revenue. Prime Healthcare hospitals are recognized for award-winning quality care and the health system is one of the largest and fastest growing hospital systems in the United States.