GE Capital, Healthcare Financial Services announced today that it is serving as administrative agent on a $115 million senior secured credit facility for Medical Depot, Inc., doing business as Drive Medical. The financing is expandable to $165 million under its accordion feature, subject to certain conditions, which may be used for acquisitions. Proceeds were used to refinance existing debt and will support ongoing working capital and growth needs. GE Capital Markets served as sole lead arranger and bookrunner on the facility.
“We appreciate having a lender who has a keen understanding of the current challenges and opportunities within the durable medical equipment market,” said Richard Kolodny, president of Drive Medical. “GE worked closely with us to provide the capital and flexibility we will need to continue our growth and maintain our position as a leader in our market.”
“Our capital markets expertise and industry knowledge enabled us to provide Drive Medical with the financing needed to grow,” said Al Aria, senior managing director of Corporate Finance at GE Capital, Healthcare Financial Services. “Our specialty is providing healthcare companies with customized capital programs to build their businesses.”
Headquartered in Port Washington, NY, Drive Medical manufactures over 2,500 durable medical products, and markets and distributes its products to customers located throughout North America, Europe, Central America, South America, the Middle East and Asia. The company has corporate offices and distribution facilities located throughout the United States, Canada, the United Kingdom, Germany, Romania, China and Taiwan. Drive Medical's customer base spans many verticals including home healthcare providers, healthcare distributors, retailers and e-tailers.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 to companies in over 40 healthcare sub-sectors including healthcare services, senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals provides 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 and @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.