MINNEAPOLIS, Dec. 14, 2017 (GLOBE NEWSWIRE) -- ABILITY Network (ABILITY), a leading healthcare information technology company, today announced that it has closed a debt issuance totaling $545 million. Proceeds will be used to replace existing debt at lower rates and extended maturities, fund cash to the balance sheet for growth and pay a dividend to shareholders. The new debt financing, along with ABILITY’s strong performance, returns leverage ratios to the same level as when Summit Partners and Bain Capital Ventures invested in ABILITY in 2014.
“This financing enables us to execute on our balanced approach to capital stewardship: investing in the growth of our customers and employees, offering new products to help providers, and returning capital to our shareholders,” said Mark A. Pulido, chairman and CEO of ABILITY. “ABILITY will continue to pursue a disciplined growth strategy of increasing its provider network, building new applications, and enhancing applications from acquired companies.”
“ABILITY’s exceptional financial performance has enabled us to take advantage of today’s attractive debt markets,” said Jamie Rice, executive vice president and CFO of ABILITY. “This transaction reflects our strong business model, financial strength and the investor community’s belief in our prospects for the future.”
ABILITY provides applications and analytics that are integral in helping with revenue cycle management, care quality management and performance improvement via a powerful, integrated, cloud-based, SaaS platform. ABILITY has doubled the number of customers it serves in the last three years, directly helping providers of all sizes and sites of care across the continuum, and serving thousands more via partnerships.
Jefferies Finance LLC, Macquarie Capital Inc. (USA) and Nomura Security International Inc., served as joint lead arrangers and joint book runners for ABILITY with Ropes & Gray LLP, serving as legal counsel.
About ABILITY Network
ABILITY® Network is a leading information technology company helping providers and payers simplify the administrative and clinical complexities of healthcare through innovative applications and data analytics. ABILITY is headquartered in Minneapolis with principal offices in Boston and Tampa.
Media Contact:
ABILITY Network
Jennifer Marso
Phone: 612.277.3953
Email: Jennifer.marso@abilitynetwork.com