Henry Schein secures $300m in financing

Henry Schein has announced that it has secured $300 million (196.48 million pounds) in committed financing through a facility agreement with the Bank of Tokyo-Mitsubishi.

The dental and health products manufacturer was able to agree the deal based on the securitisation of its accounts receivable, with the facility having a maturity of three years.

Having secured the money, Henry Schein plans to utilise the funds for working capital and various general corporate purposes, including capital expenditures, repurchasing its own capital stock, permitted refinancing of existing debt and the financing of potential future acquisitions.

Steven Paladino, executive vice-president and chief financial officer of Henry Schein, said: "We are pleased to announce this facility agreement, which contributes to our existing committed financing lines and provides us with greater operational flexibility to execute on our strategic growth objectives."

Last month, the company was named on the 2013 Fortune list of the world's most admired companies for the 12th year in succession, earning first-place rankings within its industry in five of the nine categories assessed.