Henry Schein Announces $300 Million Credit Facility
MELVILLE, N.Y.--(BUSINESS WIRE)--May 25, 2005--Henry Schein, Inc. (Nasdaq NM: HSIC), the largest distributor of healthcare products and services in the combined North American and European markets, today announced a new $300 million credit facility with a $100 million expansion feature. This new facility, which expires in May 2010, replaces Henry Schein's current revolving credit facility, which was scheduled to mature in May 2006. The facility's lead arranger and sole bookrunner was JPMorgan Securities, Inc. and the syndication agent was Citibank N.A.
Henry Schein plans to use its credit facility for general corporate purposes, including working capital and capital expenditures, as well as potentially for the funding of acquisitions.
"This transaction provides Henry Schein with an attractive long-term borrowing facility. It reflects the strong credit and success of our company, including average annual compound EBITDA growth over the last five years in excess of 16%. The participants of the syndicate will also provide us with a strong commercial banking structure to support our growing worldwide needs," said Steven Paladino, Executive Vice President and Chief Financial Officer of Henry Schein.
About Henry Schein, Inc.
Henry Schein, a Fortune 500(R) company, is recognized for its excellent customer service and highly competitive prices. The Company's four business groups - Dental, Medical, International and Technology - serve more than 475,000 customers worldwide, including dental practices and laboratories, physician practices and veterinary clinics, as well as government and other institutions. The Company's sales reached a record $4.1 billion in 2004. The Company operates through a centralized and automated distribution network, which provides customers in more than 125 countries with a comprehensive selection of over 160,000 national and Henry Schein private-brand products.
Henry Schein also offers a wide range of innovative value-added practice solutions, including such leading practice management software systems as DENTRIX(R) and Easy Dental(R) for dental practices, and AVImark(R) for veterinary clinics, which are installed in over 50,000 practices; and ArubA(R), Henry Schein's electronic catalog and ordering system.
Headquartered in Melville, N.Y., Henry Schein employs nearly 11,000 people and has operations in 19 countries. For more information, visit the Henry Schein Web site at www.henryschein.com.
CONTACT: Henry Schein, Inc.
Steven Paladino, 631-843-5500
steven.paladino@henryschein.com
or
Susan Vassallo, 631-843-5562
susan.vassallo@henryschein.com
SOURCE: Henry Schein, Inc.