WATERTOWN, Mass., May 10, 2013 (GLOBE NEWSWIRE) -- athenahealth, Inc.(Nasdaq:ATHN), a leading provider of cloud-based services for electronic health record (EHR), practice management, and care coordination, today announced that it has finalized the purchase from Harvard University of the Watertown "Arsenal on the Charles," an expansive, 29-acre, multi-building, commercial property situated on the Charles River less than 10 miles outside of downtown Boston.
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The transaction, valued at $168.5 million, will provide athenahealth with the additional flexibility and space needed to accelerate the company's growth in Massachusetts and across the health care industry. The "Arsenal on the Charles" is a designated historic site with 11 buildings, some dating back more than 200 years; it has been home to athenahealth's headquarters since 2005.
"We are excited to deepen our roots in Massachusetts; Watertown is our home. The Arsenal on the Charles offers athenahealth everything we could ask for in a headquarters; its open and expansive architecture, outdoor campus feel, strong community, and proximity to Boston fit with our culture, strengthens our standing as a top employer, and provides an inspirational backdrop as we work to be medical caregivers' most trusted service," said Jonathan Bush, chairman and CEO of athenahealth. "We are building a national health information backbone that will have a revolutionary impact on the cost and quality of health care. I can imagine no better place than the very same buildings from which the first industrial revolution rose, to take on such inspiring and important work."
athenahealth entered into a new $325 million senior credit facility with a term of five years comprised of a $200 million unsecured term loan facility and a $125 million unsecured revolving credit facility to finance the purchase of the "Arsenal of the Charles" campus and to refinance existing indebtedness. This new credit facility will replace athenahealth's current revolving credit facility.
Bank of America Merrill Lynch and TD Bank acted as joint Lead Arrangers and joint Book Managers for the credit facility. Other lenders include Fifth Third Bank, U.S. Bank, Sovereign Bank and RBS Citizens.
Steve Cook of Avison Young represented athenahealth, Inc. in the purchase of the "Arsenal on the Charles;" he can be reached at 617-250-7609.
About athenahealth, Inc.
athenahealth is a leading provider of cloud-based services for EHR, practice management, and care coordination. athenahealth's mission is to be caregivers' most trusted service, helping them do well doing the right thing. For more information, please visit www.athenahealth.com or call 888-652-8200.
Source: athenahealth, Inc.