Orthodontic Centers of America, Inc. has announced today that it has established a new three-year, $125 million credit facility, which is comprised of a $100 million revolving line of credit and a $25 million amortizing term loan. Proceeds from the new credit facility were used to retire the Company's existing revolving credit facility and bridge credit facility.
Thomas J. Sandeman, Chief Financial Officer, stated, "We are pleased with the quality and depth of the new bank group and by their level of commitment to the future growth of OCA. This facility gives us the availability we need to continue growing our business and the flexibility to continue our previously announced common stock repurchase program."
The lender group for the new credit facility represents a strong and diverse syndicate of regionally and nationally focused banks, including Bank of America, N.A., which also served as administrative agent; Bank One, NA, which also served as syndication agent; U.S. Bank National Association, which also served as documentation agent; La Salle Bank National Association; Hibernia National Bank and Whitney National Bank. Banc of America Securities LLC served as sole lead arranger and sole book manager for the credit facility.
Orthodontic Centers of America, Inc., founded in 1985, is the leading provider of integrated business services to orthodontists and pediatric dentists who provide treatment to approximately 541,500 patients in approximately 375 affiliated practices throughout the United States and in Japan, Mexico, Spain and Puerto Rico. For additional information on Orthodontic Centers of America, Inc., visit the Company's web site at www.4braces.com.
