Sanomedics International Holdings, Inc. has entered into a financing term sheet with MC Healthcare Finance LLC for a total $5 million Credit Facility, consisting of a $3 million revolving line of credit and a $2 million term loan. Use of proceeds from this transaction will be for working capital and to complete two targeted acquisitions. The financing is subject to the Lenders due diligence and a further commitment agreement and expected to close on or before September 30, 2013.
Keith Houlihan, Co-founder and President of Sanomedics, stated, "This financing is a major step in our success and a further endorsement of the plans we have for the future. The proceeds will permit us to move forward in our plans to close our two targeted acquisitions Prime Time Medical, Inc. and Duke Medical LLC."
Sanomedics International Holdings is a medical technology holding company that focuses on game changing products, services and ideas – a place where physicians, entrepreneurs, and medical companies can work together to drive innovative technologies through concept, development, and ultimately commercialization. The company plans to grow its existing business organically and through strategic acquisitions specifically relating to sleep disorder diagnosis treatments. Sanomedics seeks to acquire sleep therapy operating businesses and our strategy is to integrate a portfolio of world-class products and service providers in the growing Sleep Apnea market.
MC Healthcare is a healthcare specialized lender offering asset-based financing to lower middle market companies in all segments of the healthcare industry including hospitals, nursing homes, home health service providers, durable medical equipment manufacturers, pharmaceutical laboratories, laboratory testing companies, physician practices, psychological and substance abuse facilities. MC's Healthcare's focus is on direct lending and servicing asset-based loans functioning as both a principal lender and as a lending partner to community and regional banks. Monroe Healthcare is an affiliate of Monroe Capital LLC.