Topic: Rotech

ORLANDO, Fla. – Effective January 1, 2024, Tim Pigg has transitioned from the Chief Executive Officer (CEO) to Executive Chairman of the Board.  He has served in the CEO position for the past 10 years and various other leadership positions for a total of 40 years with Rotech.

In his new role, Pigg will continue to invest his time in the company’s major strategies and lobbying efforts.

Robin Menchen has advanced from the President and Chief Operating Officer (COO) to President and CEO for Rotech Healthcare Inc. (Rotech).  Menchen has also served as the company’s Chief Administrative Officer (CAO), VP of Compliance and various other leadership roles over the past 30 years.

“I have worked closely with Robin for over 2 decades and she has consistently demonstrated exceptional leadership, vision, and a deep understanding of Rotech’s goals and values. I am confident Robin, with the continued support of the executive team, will continue to drive our company’s success,” Pigg said, “It has been an honor and a privilege to serve as Rotech’s CEO, and I will cherish the memories and relationships I have forged during my tenure.”

Rotech is one of the largest providers of home medical equipment and related products and services (collectively referred to as “HME products and services”) in the United States, with a comprehensive offering of oxygen, other respiratory therapy equipment, wound care equipment and supplies, and diabetes devices and supplies. The Company provides HME products and services in 50 states through approximately 300 operating locations.

Philips Respironics announced a voluntary recall for certain CPAP, BiLevel PAP and Ventilator Devices manufactured prior to April 21, 2021.

This recall is due to two issues related to the polyester-based polyurethane (PE-PUR) sound abatement foam used in these devices.

Philips is notifying customers and users of affected devices that they will replace the current sound abatement foam with a new material that is not affected by this issue. Affected devices currently will be either replaced with a new or refurbished unit that incorporates the new material, or repaired to replace the sound abatement foam in customer units.

For more information on the Recall Notice, a complete list of impacted products, and more information, visit philips.com/src-update .

Rotech is committed to providing safe CPAP/BiPAP and Ventilator equipment for all patients.

New 5-year $425 million Credit Facility

ORLANDO, Fla.— On December 17, 2020, Rotech Healthcare Inc. (Rotech) entered into a new $425 million amended and restated credit agreement with a diversified group of lenders including Truist Bank, as Administrative Agent, Swingline Lender and Issuing Bank, Citizens Bank, Fifth Third Bank, National Association, and Regions Bank, as Co-Syndication Agents, Truist Securities, Inc., Citizens Bank, Fifth Third Bank, National Association, and Regions Bank, as Joint Lead Arrangers and Joint Bookrunners and Manufacturers and Traders Trust Company, as Documentation Agent (the “Credit Agreement”).

The Credit Agreement is comprised of a $335 million five year term loan, a $15 million revolving credit facility and a $75 million acquisition credit facility. The proceeds of this transaction were used to pay a $100 million special dividend to the Company’s parent as well as provide a $75 million acquisition credit facility to support the Company’s continued strategy to grow through strategic acquisitions. At close, the Company has in excess of $75 million in cash and undrawn revolver.

“I am pleased with the completed refinancing and want to thank Truist, Regions, Fifth Third, Citizens and M&T for leading this effort,” said Tim Pigg, Chief Executive Officer of Rotech. “This new credit agreement provides Rotech with sufficient capital over the next five years to continue our growth strategies as well as to provide a $100 million special dividend to our holding company.”

Mr. Pigg went on to say, “2020 has been a very challenging and successful year for Rotech as we continue to focus on being part of the solution to the COVID-19 Public Health Emergency. We have focused on assisting hospitals discharge patients as soon as practical to keep as many beds available as possible. As a result, we have continued to grow all our major product lines and improve profitability by controlling costs and leveraging our fixed cost infrastructure. In addition, we continue to enhance our state of the art technology platforms including our new, first in the industry, patient portal and mobile app.” Mr. Pigg went on to say, “the expanded $75 million acquisition credit facility will allow Rotech to continue its acquisition strategy leveraging our clinical programs designed to help patients to remain in their homes and avoid costly inpatient care. We have successfully acquired and integrated over 65 businesses over the last four years.”

Rotech is one of the largest providers of home medical equipment and related products and services (collectively referred to as “HME products and services”) in the United States, with a comprehensive offering of oxygen, other respiratory therapy equipment and services and wound care equipment and supplies. The Company provides HME products and services in 50 states through approximately 300 operating locations.