FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Nov. 20, 2012--
MEDNAX, Inc. (NYSE:MD), the national medical group specializing in
neonatal, maternal-fetal, pediatric cardiology, other pediatric
subspecialties and anesthesia physician services today announced that it
has amended and restated its revolving credit facility to increase its
borrowing capacity by $300 million to $800 million. The Company plans to
use the expanded credit facility, in addition to cash flow, to fund
anesthesia acquisitions as the Company’s future growth platform and to
continue its growth across all its other physician specialties, as well
as for other corporate purposes. The new credit facility also allows the
Company to increase the borrowing limit to up to $1.0 billion, subject
to the satisfaction of specified conditions. The Company also extended
the maturity date of the credit facility through 2017 and maintained
interest rates similar to those under the prior facility.
MEDNAX, Inc. has successfully used its cash and credit facility to
execute a growth strategy in which the Company has effectively
replicated and enhanced the core competency of a national medical group
practice in the anesthesia space. The Company continues to manage a full
and robust anesthesia acquisition pipeline, as well as opportunities
across all of its other physician specialties.
The new credit facility was provided by a syndicate of 14 financial
institutions with Wells Fargo Bank, National Association, as
Administrative Agent, JPMorgan Chase Bank, N.A. and U.S. Bank National
Association, as Co-Syndication Agents, and Fifth Third Bank as
Documentation Agent. Wells Fargo Securities, LLC, J.P. Morgan Securities
LLC and U.S. Bank National Association, acted as Joint Lead Arrangers
and Joint Bookrunners.
ABOUT MEDNAX
MEDNAX, Inc. is a national medical group that comprises the nation's
leading provider of neonatal, maternal-fetal and pediatric physician
subspecialty services as well as anesthesia services. Physicians and
advanced practitioners practicing as part of MEDNAX are reshaping the
delivery of care within their specialties and subspecialties, using
evidence-based tools, continuous quality initiatives and clinical
research to enhance patient outcomes and provide high-quality,
cost-effective care. Pediatrix Medical Group, a unit of MEDNAX, was
founded in 1979 and now includes neonatal physicians who provide
services at more than 300 neonatal intensive care units, who collaborate
with affiliated maternal-fetal medicine, pediatric cardiology and
pediatric critical care physician subspecialists to provide a clinical
care continuum. Pediatrix is also the nation's largest provider of
newborn hearing screens. In 2007, MEDNAX expanded into anesthesia
services. Today, American Anesthesiology includes more than 1,200
anesthesiologists and advanced practitioners who provide anesthesia care
to patients in connection with surgical and other procedures as well as
pain management. MEDNAX, through its affiliated professional
corporations, employs more than 1,925 physicians in 34 states and Puerto
Rico. Additional information is available at www.mednax.com.
Certain statements and information in this press release may be
deemed to contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements may
include, but are not limited to, statements relating to our objectives,
plans and strategies, and all statements, other than statements of
historical facts, that address activities, events or developments that
we intend, expect, project, believe or anticipate will or may occur in
the future. These statements are often characterized by terminology such
as “believe”, “hope”, “may”, “anticipate”, “should”, “intend”, “plan”,
“will”, “expect”, “estimate”, “project”, “positioned”, “strategy” and
similar expressions, and are based on assumptions and assessments made
by MEDNAX’s management in light of their experience and their perception
of historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Any forward-looking
statements in this press release are made as of the date hereof, and
MEDNAX undertakes no duty to update or revise any such statements,
whether as a result of new information, future events or otherwise.
Forward-looking statements are not guarantees of future performance and
are subject to risks and uncertainties. Important factors that could cause
actual results, developments, and business decisions to differ
materially from forward-looking statements are described in MEDNAX’s
most recent Annual Report on Form 10-K and its Quarterly Reports on Form
10-Q, including the sections entitled “Risk Factors”, as well MEDNAX’s
current reports on Form 8-K, filed with the Securities and
Exchange Commission.
Source: MEDNAX, Inc.
MEDNAX, Inc.
David T. Parker, 954-384-0175, Ext. 5300
Vice
President, Investor Relations & Corporate Communications
david_parker@mednax.com