SOMERSET, N.J., Sept. 8, 2015 (GLOBE NEWSWIRE) -- Medical Transcription Billing, Corp. ("MTBC") (NASDAQ:MTBC), a leading provider of healthcare IT solutions today announced that is has secured a $10 million credit facility from the Technology Banking division of Opus Bank ("Opus") (NASDAQ:OPB).
"The financing provided by Opus is a very important corporate milestone for MTBC," said Mahmud Haq, MTBC's CEO. He continued, "It will allow us to further pursue our acquisition strategy and make important investments in our sales and marketing infrastructure."
The credit facility totaling $10 million was officially extended by Opus to MTBC on September 2, 2015. It consists of an initial term loan in the amount of $4 million, to repay outstanding debts, a $2 million revolving line of credit, and an additional term loan amount of $4 million, subject to MTBC's timely completion of its Series A Preferred Stock offering.
Kevin McBride, Senior Managing Director of Opus' Technology Banking division, stated, "We are pleased to support MTBC with an expanded credit facility. MTBC is a dynamic leader in the healthcare information technology space and this financing will allow them to expand and create increased enterprise value."
Douglas Stewart, Managing Director of Opus' Technology Banking division, added, "The new credit facility strengthens the company's capital structure and provides funds to help MTBC further accelerate its growth, including following its upcoming Series A Preferred Stock offering. We are proud to have earned the opportunity to become MTBC's lead commercial bank and look forward to continuing to support MTBC's future growth and success."
Bill Korn, MTBC's CFO, said, "It has been a pleasure working with Doug and his team at Opus Bank. They took time to understand MTBC's objectives, and together we developed a financing solution that supports these objectives." He added, "They have been very responsive, and a pleasure to work with. Separately, we would also like to thank Kyle Kudla, VP Commerical Lending at TD Bank for all their support over the last 13 years."
Additional information regarding the terms of the Opus credit facilities are disclosed in MTBC's Form 8-K, dated September 3, 2015, together with the exhibits thereto, all of which are available at www.sec.gov.
About MTBC
MTBC (Medical Transcription Billing, Corp) is a healthcare information technology company that provides a fully integrated suite of proprietary web-based solutions, together with related business services, to healthcare providers, revenue cycle management companies and software vendors throughout the U.S. For additional information, please visit MTBC's website at www.mtbc.com.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with over $5.8 billion of total assets, $4.6 billion of total loans, and $4.6 billion in total deposits as of June 30, 2015. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank divisions. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial business, healthcare, technology, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy, and performance improvement through its Merchant Banking division and its broker-dealer subsidiary, Opus Financial Partners. Opus Bank operates 57 client experience centers, including two in the Phoenix metropolitan area of Arizona, 33 in California and 22 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com. Opus Bank is an Equal Housing Lender.
Forward-Looking Statements
This press release contains "forward-looking statements." These forward-looking statements include information, which is subject to change and subject to risks, uncertainties and assumptions. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "intend" or "expect" or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.