U.S. HealthWorks Completes $205 Million Refinancing
Valencia, CA Jun 20, 2011 – U.S. HealthWorks, one of the nation’s largest providers of healthcare for on-the-job injuries and urgent care, today said it has completed a $205 million refinancing initiative.
The refinancing, arranged with the assistance of a lending group led by GE Capital, Healthcare Financial Services consisted of a $140 million first lien credit facility and a $65 million second lien credit facility. The first lien credit facility includes a $20 million revolving line of credit.
“We are pleased with the interest from investors and the financial community,” said Daniel D. Crowley, Chairman and CEO of U.S. HealthWorks. “We were able to achieve this refinancing on favorable terms, which supports our ongoing business and acquisition strategy.”
With over 150 locations consisting of clinics and worksite centers in 13 states and 2,000 employees – including approximately 350 affiliated physicians – U.S. HealthWorks centers serves over 10,000 patients each day throughout the country.
U.S. HealthWorks has acquired 40 clinics in the last four years, 19 of those in the last 18 months.
U.S. HealthWorks focuses on providing quality occupational medical healthcare. Providers specialize in wellness and early return-to-work programs, helping reduce the cost of workers’ compensation claims for both employers and insurance carriers.
Additionally, U.S. HealthWorks provides readily accessible and immediate urgent care services as a better alternative to the emergency room when injuries or illnesses are non life-threatening or when patients are unable to meet with a primary care physician.
The medical group’s mission is to help patients recover quickly and to reduce overall costs by providing the right care, right away.