Corus Orthodontists, a North American orthodontic partnership network, said Wednesday it has increased its secured syndicated credit facility to C$250 million from C$175 million.
The facility, provided through a syndicate of Canadian and U.S. lenders, also includes an uncommitted accordion feature that allows for expansion up to C$325 million. The Canadian Imperial Bank of Commerce is acting as sole lead arranger and administrative agent, with Scotiabank and ATB Financial serving as co-documentation agents.
The agreement extends the facility’s maturity by three and a half years, from December 2025 to December 2028. Corus said it has also substantially hedged the floating components of its interest rate exposure at or below current market rates through the term of the deal.
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“This extension and expansion underscores our focus on organic and inorganic profitability and maintaining a strong balance sheet,” said Peter Bishop, the company’s chief financial officer.
“With a solid foundation in place, we’re well-positioned to continue expanding and strengthening our unique doctor-led model across North America,” he added.
Corus says it has one of the lowest debt profiles among dental service organizations. With the expansion and its existing cash reserves, the company now has more than C$100 million in available capital for acquisitions.
Founded in 2019, Corus has more than 75 locations across 13 U.S. states and five Canadian provinces.
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