Corus Orthodontists has extended and expanded its syndicated credit facility to C$250 million, pushing its maturity date to December 2028.
Corus Orthodontists, a North American network of doctor-led orthodontic practices, has extended and expanded its syndicated credit facility. The amended agreement increases the facility from C$175 million to C$250 million and extends the maturity date from December 2025 to December 2028. The updated terms also include an uncommitted accordion feature that allows for further expansion up to C$325 million.
Lead Bank and Lending Group
The Canadian Imperial Bank of Commerce (CIBC) acted as Sole Lead Arranger and Administrative Agent. Scotiabank and ATB Financial served as Co-documentation Agents. The facility is supported by a syndicate of Canadian and U.S. lenders.
Financial Position and Interest Strategy
According to the company, the expanded facility gives Corus more than C$100 million in available capital for acquisitions when combined with its cash reserves. Corus also reported that it has hedged the floating portion of its interest rate exposure through the life of the agreement at or below current market rates.
Management Commentary
“This extension and expansion underscores our focus on organic and inorganic profitability and maintaining a strong balance sheet,” said Peter Bishop, CFO of Corus Orthodontists. “We appreciate the ongoing support from our lending partners as we continue scaling our network of orthodontic partnerships across North America.”
Growth Outlook
“With this expansion and Corus’ existing cash reserves, the Company now has access to more than C$100 million in available capital for acquisitions,” said Dean Prevost, CEO of Corus Orthodontists. “We’re excited to welcome new Doctor-Partners into the Corus community, those who bring clinical excellence, entrepreneurial energy, and a desire to help shape the future of the specialty. With a solid foundation in place, we’re well-positioned to continue expanding and strengthening our unique doctor-led model across North America.”
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