PORT WASHINGTON, N.Y. (September 23, 2019)—Drive DeVilbiss Healthcare (Drive) announced that it agreed in principle to receive $35 million in new capital together with a reduction in cash debt service obligations from its current lenders. The transaction has broad support across Drive’s capital structure, including a substantial majority of Drive’s first and second lien lenders and new capital from the company’s primary equity holders. Drive is promptly implementing this agreement by formally soliciting the requisite consents and completing and executing definitive documentation.
“We are pleased with the strong demonstration of support that our stakeholders have shown to our business and strategic vision,” said Bob Gilligan, Chief Executive Officer. “The new capital and associated capital structure enhancements will enable Drive to continue to invest in improving our infrastructure to deliver high quality service to our customers, while also providing additional runway to execute on our business plan supporting continued growth.
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