Company Name: AMI Expeditionary Healthcare
Company Type: Expeditionary Healthcare Services Provider
Financing Amount: $30,000,000
Financing Type: Revolving Line of Credit
Headquartered in Reston, Virginia, AMI Expeditionary Healthcare provides medical services to international aid and humanitarian organizations, the private sector and government agencies in a wide range of remote and challenging environments. The company delivers a unique combination of extremely flexible teams of health practitioners combined with fixed and mobile medical facilities and highly refined medical processes and procedures.
Need
A PNC Bank customer, AMI Expeditionary Healthcare's (AMI) ability to manage complex COVID-19 medical services, including testing, led to a significant expansion of the business at the onset of the pandemic in 2020.
AMI was one of the first commercial organizations enlisted by the federal government to establish COVID-19 medical services in Kirkland, Washington, an early epicenter of the outbreak. PNC Bank provided treasury management products and a purchasing card (p-card) facility to help finance a portion of those upfront costs—at a time when other lenders were not eager to support the operation.
Given increased growth projections for additional vaccination and testing services in 2021, AMI sought a larger working capital financing solution to support this swift, ongoing expansion.
Solution
Realizing AMI's financial needs had shifted, PNC Business Credit was introduced to provide a revolving line of credit to meet the company's new working capital requirements for acute COVID care and testing facilities as well as the rapid establishment of vaccination clinics.
PNC Business Cridit originally provided $40 million in senior secured financing, including a $30 million revolving line of credit and a p-card of up to $10 million. The proceeds are being used to fund the ongoing working capital needs and capital expenditures required to deliver testing and vaccination services across the country.
The speed with which PNC Business Credit developed a customized financing solution and navigated through the diligence process played a critical role in getting the deal done, as AMI quickly was winning contracts from local state and municipal governments to get residents vaccinated as soon as possible.
Results
PNC Business Credit's expedited turnaround provided AMI the working capital needed to support extremely robust growth. To continue that support beyond the original financing facilities, PNC Business Credit recently increased the revolving line of credit to $50 million and the p-card to $15 million. The company now has access to capital enabling AMI to meet the demands placed on its business, including the expected integration of COVID-19 testing in routine diagnostic protocols.
PNC Business Credit speedily delivered a customized financing solution that enabled AMI to meet a sharp increase in demand for our services. This additional working capital allowed us to grow as a business and expand our focus beyond testing sites to include efforts to mitigate the spread of COVID-19.
