GE Capital, Healthcare Financial Services announced today that it is serving as administrative agent on a $400 million asset-based revolving credit facility, and as syndication agent on a $325 million cash flow term loan credit facility, for Genesis HealthCare. The financing was used to support Genesis’ acquisition of Sun Healthcare Group, Inc. GE Capital Markets served as joint lead arranger and sole bookrunner for the revolving loan and joint lead arranger and joint bookrunner on the term loan.
Headquarter in Kennett Square, PA, Genesis is one of the nation’s largest providers of skilled nursing and rehabilitation care. Based in Irvine, CA, Sun is a healthcare services company primarily serving the senior population. The merger of the two companies has created one of the largest skilled nursing providers in the country, with 422 skilled nursing centers in 29 states. It has also expanded Genesis’ rehabilitation therapy business to more than 1,500 contracts in 46 states.
“We’ve been working with the healthcare finance specialists at GE Capital for over 10 years, so they know us well and continue to work hard to help us meet our goals,” said Tom DiVittorio, chief financial officer for Genesis. “This financing allows us to take advantage of an attractive acquisition opportunity to expand our geographic footprint and realize significant operating efficiencies.”
“The combination of healthcare knowledge and structuring expertise means our customers have access to the capital they need to fund growth and other strategic initiatives,” said Al Aria, senior managing director of Corporate Finance at GE Capital, Healthcare Financial Services. “We’re pleased to support Genesis during this exciting time in their company’s history.”About GE Capital, Healthcare Financial Services With in-depth industry knowledge and expertise, GE Capital, Healthcare Financial Services has provided more than $60 billion in financing over ten years to companies in over 45 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals creates business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare. GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter ( @GECapital or @GELendLease). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit the company's website at www.ge.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV