Drive DeVilbiss Healthcare has successfully closed on its previously announced transaction, and received $35 million in new capital coupled with a reduction in cash debt service obligations from its current lenders of approximately $100 million over the next two and a half years, it announces.
Drive secured nearly unanimous support for the transaction from across its capital structure, including affirmative consent from 100% of its first lien lenders and more than 97.5% of its second lien lenders, as well as new capital from the company’s primary equity holders.
“This transaction provides the improved capital structure and new funding required to fuel the execution of Drive’s business plan,” says Bob Gilligan, Chief Executive Officer of the Port Washington, NY-based company, in a media release.
“We are excited to have the full support of Drive’s creditors and equity holders to build upon Drive’s legacy and create a bigger, brighter future for the company.”
[Source: Drive DeVilbiss Healthcare]