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NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 13, 1997--Renal Care Group, Inc. (Nasdaq/NM:RCGI) today announced that it has entered into an agreement with a consortium of banks to increase its revolving credit facility from $35 million to $125 million. The group of Nashville banks is composed of NationsBank of Tennessee, First American National Bank, First Union National Bank of Tennessee and SunTrust Bank. The unsecured facility is for a term of five years and provides for prime or LIBOR rate interest options based upon certain financial covenants.
Mr. Ronald Hinds, executive vice president and chief financial officer of Renal Care Group, Inc., said, "Expansion of this credit facility broadens our financial resources and increases our flexibility to continue to be competitive in the consolidating nephrology services market. In turn, we will pursue our disciplined growth strategy as we prudently seek opportunities to enter new markets and to increase our presence in our existing markets.''
Renal Care Group, Inc. is a nephrology services company that was founded in June 1995 to focus on the provision of care to patients with kidney disease, including patients suffering from chronic kidney failure. The Company currently provides dialysis and ancillary services to approximately 6,800 patients through 104 owned and managed outpatient dialysis centers in 15 states, in addition to providing acute dialysis services in 58 hospitals.
This press release contains forward-looking statements that involve various risks and uncertainties. Actual results could differ materially from those contained in these forward-looking statements due to certain factors, including business and economic conditions and availability of financing. These and other risks and uncertainties are detailed in the Company's reports filed with the SEC.
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