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iSOFT in refinancing

Article Date:  Jan 14 2010 James Harris

Healthcare IT provider iSOFT Group has received £120 million in a refinancing supported by Clydesdale, Barclays and Australian bank Westpac.

iSOFT designs systems for a range of healthcare applications including patient administration and pharmacy management. The Oxfordshire-based company generated revenue of £250 million in 2009.

The new facility consists of a term loan of £60 million and a revolving credit facility of £60 million, and will replace the facilities put in place to finance the merger of UK-based iSOFT with Australia’s IBA Group in 2007.

Gary Cohen, executive chairman & CEO, said: '[The restructured facility] moves our balance sheet away from its previous acquisition footing to one which gives us greater flexibility in managing our working capital.'

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