White Oak Healthcare Finance Closes $40 Million Financing for LifeCare Holdings, Inc.
Aug. 21, 2018
NEW YORK--(BUSINESS WIRE)--Aug 21, 2018--White Oak Healthcare Finance, LLC (“White Oak”), today announced it acted as lead lender and administrative agent on the funding of a $40 million asset based senior credit facility for LifeCare Holdings, Inc. (“LifeCare”). The funds were primarily used to refinance existing indebtedness. White Oak previously announced the financing of LifeCare Home Health LLC, the home health entity owned by LifeCare.
“LifeCare serves a very critical need as they provide intensive and specialized post-acute care services to patients with serious and critically complex conditions,” said Ross Eldridge, Managing Director at White Oak. “We are excited to partner with its very experienced management team and support their strategic plans.”
Founded in 1992, LifeCare is a leading healthcare services provider in the segment of long-term acute care. Its system consists of 19 long-term acute care hospitals, two Transitional Care Centers, one Wound Care Center and one Behavioral Health Hospital. Additionally, under the Company’s Home Health subsidiary, LifeCare operates multiple Certified Home Health Agencies. Powered by passionate care teams, LifeCare specializes in helping patients with expert, aggressive medical care in warm, caring environments.
“White Oak again has proven to be a flexible partner for LifeCare offering certainty of execution,” said Jim Murray, CEO of LifeCare. “We continue to advance health, healing and recovery across the continuum of care.”
About LifeCare Holdings LLC
LifeCare Holdings LLC, which operates LifeCare Health Partners, is a leading healthcare services provider dedicated to improving the quality of life for patients and maximizing their potential for healing and recovery. The company encompasses the LifeCare Family of Hospitals as well as a variety of post-acute services including transitional care, inpatient and outpatient behavioral health treatment and home-based care. Learn more at www.lifecare-hospitals.com.
About White Oak Healthcare Finance
White Oak Healthcare Finance, LLC (“WOHCF”), an affiliate of White Oak Global Advisors, LLC is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical devices, healthcare technology, healthcare real estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole focus on healthcare which enables it to provide flexible and creative solutions with certainty of execution. WOHCF offers a differentiated product set including cash flow term loans, asset based loans and ABL Stretch facilities, unitranche facilities, last out financings, real estate financings, equipment financings and opportunistic investments. As a lender with large pools of capital to deploy, WOHCF generally holds its full loan positions to maturity.
About White Oak Global Advisors
White Oak Global Advisors, LLC is a leading global alternative asset manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Since its inception in 2007, White Oak Global Advisors’ disciplined investment process focuses on delivering risk-adjusted investment returns and establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
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CONTACT: White Oak Healthcare Finance, LLC
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: HEALTH PROFESSIONAL SERVICES BANKING FINANCE MANAGED CARE
SOURCE: White Oak Healthcare Finance, LLC
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PUB: 08/21/2018 09:00 AM/DISC: 08/21/2018 09:01 AM