Retail News Breaks Archives
BioScrip wraps up debt refinancing
December 28th, 2010
ELMSFORD, N.Y. – BioScrip Inc. has closed a new $150 million syndicated revolving credit facility.
The pharmacy services company said Tuesday that the new facility will be structured as an amendment and restatement of the prior $100 million term loan and $50 million revolver.
"The new facility provides us with better terms and financial flexibility, which is an important first step in enabling us to reposition the company and improve profitability," Richard Smith, BioScrip's president and chief operating officer, said in a statement. "This new facility provides us with greater borrowing power to support our future cash-flow priorities."
BioScrip provides retail and specialty pharmacy services along with pharmacy benefit management, home infusion and other health care services. It operates a network of 32 community retail pharmacies in 16 states and the District of Columbia.
The company recently announced key executive changes. Early this month, David Froesel was appointed chief financial officer and treasurer, and in November Smith was named chief executive officer effective Jan. 1.
In addition, BioScrip has made two major acquisitions this year. The company in late March closed a $375 million agreement to acquire Critical Homecare Solutions (CHS), a provider of home infusion and chronic and acute care services, in a deal that created one of the largest U.S. home care providers. And in August, BioScrip completed its purchase of drugstore.com's pharmacy business in a $10.5 million deal. The transaction made BioScrip the pharmacy services provider for drugstore.com customers.