PharmaCorp Advances with New Credit Facilities and Programs
PharmaCorp Secures New Credit Facilities for Growth
PharmaCorp Rx Inc. (TSXV: PCRX) announces a significant advancement for the company by entering into a new credit agreement with the Canadian Imperial Bank of Commerce (CIBC). This strategic partnership allows PharmaCorp to access up to $20,500,000 in committed credit facilities, alongside an accordion feature of $10,000,000 and a $1,000,000 Visa credit facility. These financial instruments are designed to fuel PharmaCorp's efforts in expanding its acquisition strategy and enhancing its operating platforms.
Supporting Pharmacists Through Co-Ownership Financing
Alongside the newly established credit facilities, CIBC is supporting the PharmaCorp Pharmacist Co-Ownership Program with an additional $5,000,000 credit facility. This initiative aims to empower pharmacists by providing them with financial resources to acquire ownership positions in the pharmacies they work in, promoting local ownership and community engagement.
Details of the Credit Facilities
The structure of the credit facilities demonstrates a robust support system for PharmaCorp's strategic objectives, including:
- A committed acquisition term facility worth $17,500,000 with a $10,000,000 accordion feature, enhancing PharmaCorp's capacity to seize acquisition opportunities.
- A $3,000,000 revolving operating line to bolster working capital for day-to-day operations.
Enhancing Access to Capital for Pharmacists
The Pharmacist Co-Ownership Program, facilitated by the $5,000,000 credit facility, addresses a long-standing problem—the access to capital for pharmacists. Through this initiative, pharmacists can secure loans that cover up to 100% of their equity investment, making the dream of ownership attainable. Moreover, the loans are provided at competitive rates with flexible repayment terms of up to 15 years.
PharmaCorp's Vision for Future Growth
Alan Simpson, Executive Chairman of PharmaCorp, expressed enthusiasm for the new co-ownership model, highlighting its potential to eliminate financial barriers for pharmacists. This program is a testament to PharmaCorp's commitment to empowering healthcare professionals and fostering an environment where they can thrive through ownership. With this backing from CIBC, PharmaCorp is poised to expand its acquisition strategy and scale the co-ownership model across the country.
About PharmaCorp Rx Inc.
PharmaCorp operates multiple PharmaChoice Canada bannered pharmacies and plans to continue acquiring more as they become available. The company is also looking to bring in independently owned pharmacies and transition them under the PharmaChoice Canada banner. The commitment to this growth strategy enables PharmaCorp to play a significant role in the pharmacy sector in Canada.
Engaging with Pharmacy Owners
PharmaCorp actively seeks discussions with pharmacy owners looking for succession options or sales. The organization invites pharmacy owners to reach out for more information regarding their acquisition processes. PharmaCorp prides itself on maintaining seamless transitions that preserve legacies and serve communities effectively.
Contact Information for Inquiries
For those interested in learning more about PharmaCorp's initiatives or acquisition programs, please contact:
Mr. Alan Simpson
Suite #203, 303 Wellman Lane
Saskatoon, SK S7T 0J1
Tel: (306) 536-3771
Frequently Asked Questions
What are the main benefits of the new credit facilities?
The new credit facilities will support PharmaCorp's acquisition strategy and enhance operations with improved financial backing.
How does the Pharmacist Co-Ownership Program work?
Pharmacists can obtain loans to cover their equity investment in the pharmacies they work at, facilitating local ownership.
What is the repayment term for the loans in the Co-Ownership Program?
The loans under the Co-Ownership Program have repayment terms of up to 15 years.
How can pharmacy owners partner with PharmaCorp?
Pharmacy owners interested in succession or selling can contact PharmaCorp for discussions regarding their acquisition program.
Who can be contacted for more information about PharmaCorp?
For inquiries, reach out to Mr. Alan Simpson at the contact information provided above.
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