Universal Health Care enters into new four-year $40 million senior credit facility

Universal Health Care Group, Inc., a leading managed care organization, today announced that it has entered into a new, four-year, $40 million senior credit facility. The purpose of the borrowings are for the repurchase of shares from a minority private equity shareholder and for general corporate purposes.

Commenting on the financing, Dr. Akshay Desai, Founder, Chairman and Chief Executive Officer of Universal Health Care Group, Inc., said, "We are excited to be partnering with such excellent financial institutions, and see our new capital structure as an essential step towards maintaining our market leadership in a post-reform era. Universal's focus and commitment remains with managing essential health coverage on behalf of the state's senior and low income populations in a manner which proactively promotes a healthy, fulfilling and meaningful life for our members."

The facility was led by Wells Fargo, with participation from BankUnited, Mercantil CommerceBank and Royal Bank of Canada. Oppenheimer & Co. acted as advisor on the transaction and share repurchase.