In conjunction with the above Credit Facilities, CIBC is also supporting PharmaCorp's Pharmacist Co-Ownership Program through a separate $5,000,000 credit facility which makes loans available to pharmacists wishing to acquire an ownership position in the PharmaCorp pharmacy where they work.
Credit FacilitiesThe Credit Facilities include:
A $17,500,000 committed acquisition term facility with a $10,000,000 accordion feature, allowing PharmaCorp to increase its borrowing capacity as acquisition opportunities arise
A $3,000,000 committed revolving operating line for working capital
Pharmacist Co-Ownership Program Credit Facility, Supporting Growth and Local OwnershipThe $5,000,000 Pharmacist Co-Ownership Program credit facility, delivered through PharmaCorp's Co-Ownership Financing Program, addresses the long-standing "access to capital" challenge for pharmacists in the pharmacy sector. Under this program, loans are made available to pharmacists wishing to acquire an ownership position in the PharmaCorp pharmacy where they work, financing up to 100% of their equity investment. These loans will be offered at competitive rates with repayment terms of up to 15 years.
"PharmaCorp's Co-Ownership Financing Program removes a significant barrier to ownership," said Alan Simpson, Executive Chairman of PharmaCorp. "Many talented pharmacists simply don't have the capital or financing options to become true owners. Our program, now backed by CIBC, provides them with a direct path to equity and long-term wealth creation through co-ownership with PharmaCorp. With these expanded credit facilities in place, we are now well-positioned to continue to execute acquisition opportunities and to scale our co-ownership model across Canada in the near term."
About PharmaCorp Rx Inc.
