Jacksonville, Fla. July 17, 2017 - Availity, the nation’s largest payer and provider engagement network, today announced it has closed a five year $200 million senior secured revolving credit facility. The facility includes an accordion feature which allows for an additional $100 million of capacity when exercised. The revolver will be largely undrawn at close.
“Together with additional investment from our owners, our expanded debt capacity will allow us to continue to execute our strategic plan and further enhance our value proposition to our customers,” said Russ Thomas, Chief Executive Officer of Availity. “Over the past 18 months we have evaluated or observed a significant number of strategic opportunities and we do not expect this trend to abate in the foreseeable future. We now have increased flexibility to take advantage of these opportunities when presented.”
Availity is the leading healthcare technology and engagement platform for tackling the complexities of synthesizing and sharing data between health plans and their provider networks. The company enables users to simultaneously transact administrative, financial, and clinical information with rich insights, automation, and standardization. Through a broad and growing suite of innovative solutions, Availity’s clients are able to manage a growing set of interactions between constituents throughout the healthcare ecosystem. Availity’s investors are some of the nation’s largest health plans, including Anthem, Humana, Health Care Service Corporation, Florida Blue, and Blue Cross Blue Shield of Minnesota. With over 1.2 million active provider users and as the designated nexus of communication for national and regional health plans across the country, Availity is uniquely capable of driving systematic change and standardization.
“Availity will continue to pursue a strategy of aggressively developing or acquiring high-quality assets which strengthen our market presence within both the payer and provider segments,” said Nathan Eastman, Chief Financial Officer. “This expanded access to capital allows us increased flexibility to execute upon this mandate.”
“This level of commitment from the banking community represents a strong vote of confidence in the financial strength of our company” noted Eastman.
Piper Jaffray served as exclusive financial advisor and sole placement agent for Availity and Taft Stettinius & Hollister LLP served as legal counsel. Bank of America Merrill Lynch acted as sole lead agent.
For more information about Availity, visit www.availity.com.
As an industry-leading, HITRUST-certified health care information technology company, Availity serves an extensive network of health plans, providers, and technology partners nationwide through a suite of dynamic products built on a powerful, intelligent platform. Availity integrates and manages the clinical, administrative, and financial data needed to fuel real-time coordination between providers, health plans, and patients in a growing value-based care environment. Facilitating over 7 million transactions daily, Availity's ability to provide accurate, timely, and relevant information is vital to the financial success of its clients.
For more information, including an online demonstration, please visit www.availity.com or call 1.800.AVAILITY (282.4548).