HCA extends cash flow facility, extends and expands ABL revolver

By Marisa Wong

Morgantown, W.Va., June 30 – HCA Healthcare, Inc.’s wholly owned subsidiary, HCA Inc., restated its credit agreement dated May 4, 2011 with Bank of America, NA as administrative agent and collateral agent on June 28, according to an 8-K filing with the Securities and Exchange Commission.

The company restated the cash flow credit agreement to, among other things, extend the maturity date of the commitments under its $2 billion senior secured revolving credit facility to June 28, 2022.

The company also amended the incremental facility provisions to permit the incurrence of additional incremental credit facilities in an aggregate principal amount of $1.5 billion, when taken together with incremental facilities incurred under the company’s ABL credit agreement.

The interest margins and fees for all loans and the maturity date for the term loans under the cash flow credit agreement remain unchanged, the filing noted.

The company also restated on Wednesday its credit agreement dated Sept. 30, 2011 with Bank of America as administrative agent and collateral agent.

The company amended the ABL credit agreement to, among other things, increase the commitments under its senior secured asset-based revolver to $3.75 billion from $3.25 billion and extend the maturity date of the revolving credit commitments to June 28, 2022.

The restatement also sets the commitment fee for unused commitments under the ABL facility at 25 basis points.

In addition, the company amended the incremental facility provisions to permit the incurrence of additional incremental credit facilities in an aggregate principal amount of $1.5 billion, when taken together with incremental facilities incurred under the cash flow credit agreement.

The interest margins for loans under the ABL credit agreement remain unchanged.

HCA is a Nashville-based for-profit operator of health care facilities.

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