Opus Bank’s Technology Banking division provides $10,000,000 in credit facilities to Medical Transcription Billing Corporation (“MTBC”) to provide funds for future acquisitions and working capital needs, and to refinance debt
Overview of Transaction
Medical Transcription Billing Corporation (“MTBC”) 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 practicing in ambulatory care settings. MTBC’s integrated Software-as-a-Service platform helps customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs.
MTBC received credit facilities to refinance existing debt and provide growth capital for future acquisitions and working capital needs.
Significance of Transaction
Obtaining the credit facilities provided by Opus Bank (“Opus”) was a very important corporate milestone for MTBC and allows MTBC to further pursue its acquisition strategy and make important investments in its sales and marketing infrastructure.
Opus Bank's Role
Opus provided credit facilities in a flexible structure to allow MTBC the ability to execute on its strategic corporate and growth plan.
Opus was able to underwrite, structure, approve, and close the credit facilities within a 3-week time period, allowing MTBC to announce the credit facilities prior to commencing its Series A Preferred Stock offering.