Sector Update: Health Care
Healthcare stocks were posting slim losses Thursday with the NYSE Healthcare Sector Index declining about 0.1% and shares of healthcare companies in the S&P 500 also down about 0.1% as a group.
In company news, VCA Inc. ( WOOF ) was higher Thursday, with shares of the animal health care company rising to a six-year high after the company said it negotiated a new $1.4 billion revolving credit facility.
The new facility includes $600 million of senior term notes, which are slated to retire around $534 million of existing term notes owed under its existing credit facility. WOOF also has a new, $800 million revolving facility, now undrawn and replacing the company's currently undrawn $125 million revolver facility.
Both the new senior term-loan and revolving facility were initially priced at LIBOR plus 175 basis points but will vary based on the company's debt-to-EBITDA ratio.
WOOF shares were up about 2.9% at $40.49 each in mid-day trading, recently climbing to its highest share price since January 2008 at $40.72 a share. Over the past 12 months, the stock has enjoyed a more than a six-fold jump in its share price.
In other sector news,
(+) RPRX, (+20.2%) Said its Androxal testosterone-replacement oral drug outperformed an FDA-approved gel and a placebo in the first of two identical studies, with patients taking Androxal achieved higher sperm concentrations than those in other study arms.
(-) IG, (-0.2%) Receives Outperform rating in new coverage today at Oppenheimer.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.