Summit Health nets committed financing for M&A

Summit Health, formerly known as CityMD, has received committed incremental financing from a Credit Suisse-led arranger group that will be used to finance tuck-in M&A, according to sources. Additional arrangers include Barclays, Goldman Sachs and Jefferies.

The issuer was last in the market in January, when it repriced its then $891 million covenant-lite first-lien term loan due August 2026 to L+375 with a 0.75% Libor floor, from L+450 with a 1% floor. That loan was originally placed in 2019 to finance CityMD's acquisition of Summit Medical Group.

Summit Health, backed by Warburg Pincus, is a provider of primary, specialty and urgent care services in New York, New Jersey and Oregon. The company officially rebranded as Summit Health earlier this year.