U.S. Bank announced that its Healthcare Division closed on a $170 million senior credit facility for Long Beach, Calif.-based Molina Healthcare. The bank served as sole lead arranger, sole bookrunner and administrative agent on the transaction.
“We are pleased to continue our long term relationship with Molina Healthcare and structure a new program unique to their specific requirements,” said Robert Joyce, senior vice president and division head, U.S. Bank Healthcare. “We consulted closely with them on both their immediate needs and longer term strategy to enable their continued success.”
Molina Healthcare Inc. provides quality and cost-effective Medicaid-related solutions to meet the health care needs of low-income families and individuals and to assist state agencies in their administration of the Medicaid program.
“We chose U.S. Bank to lead our credit facility as a result of our excellent relationship and the specialized knowledge they brought to our organization,” said John Molina, chief financial officer for Molina Healthcare, Inc. “U.S. Bank’s consistent performance and solid reputation offer us the stability we need to continue our growth.”About U.S. Bank Healthcare DivisionThe U.S. Bank Healthcare Division serves large healthcare institutions by leveraging its expertise and understanding of the unique dynamics of the industry to deliver flexible and creative credit, capital markets, treasury management, payments and trust and custody solutions in a relationship-based, consultative manner. The group serves healthcare clients nationally from offices in St. Louis, Nashville, Atlanta, Seattle, New York, Milwaukee, Cincinnati, Portland, Oregon and Newport Beach, California. For more information, please visit www.usbank.com/healthcaredivision. About U.S. BancorpU.S. Bancorp (NYSE: USB), with $340 billion in assets as of Dec. 31, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,085 banking offices in 25 states and 5,053 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.