PMCO - NEWS!!!
Thursday November 6 8:58 AM EST
Company Press Release
PROMEDCO ANNOUNCES EXPANSION OF CREDIT FACILITY
PROVIDES CAPITAL FOR CONTINUED GROWTH
FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 6, 1997--ProMedCo Management Company (Nasdaq/NM:PMCO) today announced the expansion of its bank credit facility from $25 million to $50 million. The expanded facility is with NationsCredit Commercial Corporation and AmSouth Bank and is provided to meet ProMedCo's ongoing working capital and acquisition needs. The facility is for a six-year term and provides for prime or LIBOR rate options based upon certain financial covenants.
H. Wayne Posey, ProMedCo's president and chief executive officer, said, ''The expansion of this credit facility provides access to additional capital to finance ProMedCo's aggressive growth strategy and take advantage of a very full affiliation pipeline. The facility also highlights the confidence of the financial community in our management team and the future prospects of ProMedCo.''
ProMedCo, headquartered in Fort Worth, Texas, is a physician practice management company. ProMedCo's focus is to facilitate the consolidation of physician groups into primary care-driven, multi- specialty networks. The Company provides expertise in managed care, access to capital, information systems and experienced management. |
