AUSTIN, Texas, Dec. 6, 2011 /PRNewswire/ -- Westlake Securities, LLC, a middle-market investment bank, announces the debt recapitalization of RMB, Inc. with Main Street Capital Corporation (NYSE: MAIN) ("Main Street").
Headquartered in Knoxville, Tennessee, RMB is a healthcare revenue cycle management company serving customers nationwide. Its services include collection of delinquent patient accounts, collection of active patient accounts, establishing and monitoring patient payment arrangements, special projects related to hospital revenue cycle management, third party payment resolution and the purchase and management of the liquidation of distressed assets.
Main Street's investment of $10.5 million in capital will be used by RMB to refinance certain debt obligations and to provide capital for the Company's future growth. The investment consists of $10.5 million in first lien secured debt with equity warrant participation.Cory Allen, a Managing Director with Westlake Securities, said it was pleasing to have found a wonderful investment partner for RMB's shareholders. "The recapitalization of RMB will allow our client to fund its growth and achieve its long term goals. It was a pleasure to work with both companies to achieve a mutually beneficial outcome."
Mike Motes, CEO of RMB, said Westlake Securities' strength was its customized approach. "Cory and his team did a great job in understanding the unique nature of our business and the challenges we faced in the financial marketplace. They put together a solid presentation of who we are and what we needed. We have just successfully closed our transaction and that speaks for itself." This deal comes hard on the heels of Westlake closing the sale of CAN$30m worth of shares in the capital of Canadian company Wenzel Downhole Tools Ltd to Basin Holdings US earlier this month. About Westlake Securities, LLC:
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