ATI Announces Add-on to First Lien Term Loan
ATI Physical Therapy (“ATI”), a leading outpatient physical therapy provider in the United States, announced today that it has agreed to issue a $40 million add-on to the Company’s existing first lien term loan due 2023. The add-on will be fungible with the existing first lien term loan. Proceeds from the financing will be used primarily to repay revolving facility borrowings that were incurred to fund new expansion activity and working capital, provide capital availability for potential additional expansion activity, and also to finance fees and expenses related to the borrowing.
- Over the past 10 months, ATI has continued to execute on its industry-leading growth strategy by opening new clinics across more than 26 markets nationally to better serve communities in which it is operating.
- The ATI Board has appointed Samuel Allen (“Al”) Hamood as interim Chief Executive Officer and President, effective August 1, 2018. Al continues to serve as Chief Financial and Administrative Officer of ATI. Dylan Bates transitioned from Chief Executive Officer to a new role as Executive Vice Chairman on the Board of Directors. Brent Mack, Chief Operating Officer and Nate Bard, Chief Growth Officer will be working closely with Hamood during this interim period in a newly formed Office of the CEO.
About ATI Physical TherapyATI is a privately held, nationally recognized healthcare company, specializing in outpatient rehabilitation and adjacent healthcare services. With a focus on delivering a remarkable experience to every patient, every day, ATI has more than 800 locations from coast to coast. ATI was named “Best Physical Therapy Practice in the Nation” by ADVANCE magazine, and was one of the first physical therapy companies in the country to achieve URAC Core Accreditation, a mark of distinction that recognizes its commitment to quality healthcare. Based in Bolingbrook, Illinois, ATI gives back to communities across the country through the ATI Foundation, a non-profit established by ATI, which has provided more than $4 million in resources and funding to children with physical impairments. For more information on ATI Physical Therapy, and a complete list of clinic locations, services and the ATI Foundation, please visit ATIpt.com