GE Capital Leads $550 Million Line of Credit for Genesis Healthcare, Inc.
GE Capital’s Healthcare Financial Services (HFS) business announced today that it has acted as administrative agent in a transaction that provided a $550 million revolving line of credit to Genesis Healthcare, Inc. GE Capital Markets served as sole bookrunner and lead arranger. Based in Kennett Square, PA, Genesis is one of the largest post-acute care providers in the country.
The proceeds of the transaction were used to complete Genesis’ previously announced combination with Skilled Healthcare Group, Inc. The unified company has more than 500 skilled nursing and assisted/senior living communities in 34 states. It also expanded Genesis’ rehabilitation therapy business, Genesis Rehab Services, to more than 1,800 service locations in 47 states and the District of Columbia.
“We’ve had a long-term relationship with GE Capital so it was natural for us to turn to them at such a critical time,” said Tom DiVittorio, senior vice president and CFO of Genesis. “Their understanding of our business and the healthcare industry overall enabled us to further expand the services we provide to patients and residents nationwide.”
“We are glad to assist Genesis with its combination with Skilled,” said Al Aria, senior managing director of GE Capital, Healthcare Financial Services’ corporate finance team. “In the midst of today’s shifting healthcare landscape, we believe our in-depth knowledge of market dynamics, our ability to underwrite large deals and our willingness to provide flexible structures will continue to be important to this industry. We look forward to continuing to work with Genesis and to many more years of creating mutual value.”
About Genesis Healthcare, Inc.
Genesis Healthcare, Inc. (NYSE:GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,800 healthcare providers in 47 states and the District of Columbia. For more information, go to http://www.genesishcc.com.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one of the most active capital providers in the U.S. healthcare market, providing more than $10.5 billion in financing across more than 240 transactions in 2014. For the fifth consecutive year, HFS was the No. 1 lead arranger for all financings under $500 million in U.S. healthcare leveraged finance (based on volume and number of transactions completed), according to Thompson Reuters.
Customers across 45 healthcare sectors – including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices – rely on HFS to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth industry knowledge and expertise, the HFS team of professionals creates financial solutions tailored to meet the individual needs of its customers. For more information, visit gecapital.com/healthcare or follow company news via Twitter (http://twitter.com/GELendLease).
GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
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