The transaction will be funded through a combination of cash on hand, a new credit facility and a concurrent private placement of convertible preferred equity from Water Street Healthcare Partners. RTI has received a commitment from TD Bank, TD Securities "USA" and Regions Bank for a 5-year, $80 mln senior secured facility, which includes a $60 mln term loan and a $20 mln revolving credit facility.
Additionally, RTI has agreed to a $50 mln private placement of convertible preferred equity with Water Street. After the merger transaction is complete, Brian Hutchison, RTI president and chief executive officer, and Robert Jordheim, RTI executive vice president and CFO, will continue to serve in their respective roles. The combined company will be headquartered in Alachua, Fla. The merger agreement has been approved by both companies' boards of directors. The merger is subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the third quarter of 2013.
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