Henry Schein
(Nasdaq: HSIC)
announced today that it closed on a new $750 million credit facility.
The Melville, New York-based dental device maker said in a news release that the facility matures in July 2026.
Henry Schein also amended its existing $1 billion revolving credit facility. The amendments include extending the maturity date to July 2028.
Together, the company says these credit facilities provide $1.8 billion in available borrowing capacity, enhancing its liquidity position.
“The successful completion of this transaction, along with the amendment of our existing credit facility, bolsters our financial flexibility and provides us with ample liquidity to support our BOLD+1 Strategic Plan, including pursuing focused M&A and investing in attractive growth opportunities,” said Ronald N. South, SVP and CFO of Henry Schein. “We appreciate the support from our new and existing lending partners, who recognize the strength of our balance sheet as we look to further enhance shareholder value.”
JP Morgan Securities LLC and U.S. Bank NA acted as joint lead arrangers with respect to the new credit facility.
The move adds another step forward for Henry Schein in what has been a somewhat busy year so far.
In January, the company purchased a majority stake in Unitas PPO Solutions. Privately-held Unitas works with dental practices to assess their commercial insurance participation.
Then, in April, Henry Schein bought a majority stake in France-based Biotech Dental, a provider of dental implants, clear aligners and digital dental software. Just a month later, the company announced plans to acquire dental implant manufacturer SIN Implant System from Southern Cross Group.