Good news for the 4 hospitals in Orange County, CA...which represent approximately 12% of the hospital beds in Orange County...BD
Integrated Healthcare Holdings, Inc. ("IHHI") , the owner of four Orange County hospitals, announced that effective October 9, 2007, it has completed a major re-financing of all of its debt instruments. The Company said that it closed escrow on four debt instruments with Medical Capital Corporation and affiliates of Anaheim, California, in the total amount of $140.7 million dollars, which restructures all of the Company's existing debt instruments, reduces its borrowing costs by more than $5.0 million dollars annually, and provides the Company access to additional capital.
The new financing not only substantially reduces IHHI's borrowing costs but also provides the Company with additional working capital facilities, and reflects the reality that IHHI has overcome very significant obstacles to emerge as a strong and vital part of Orange County's healthcare delivery system."
Integrated Healthcare Holdings, Inc. is a partially physician-owned management company that operates the following four hospital facilities in Orange County, California: 282-bed Western Medical Center in Santa Ana; 188- bed Western Medical Center in Anaheim; 178-bed Coastal Communities Hospital in Santa Ana; and 114-bed Chapman Medical Center in Orange.