Credit Value Partners, LP Provides $12.0 Million Debtor in Possession ("DIP") Financing to Health Diagnostic Laboratory, Inc.
GREENWICH, Conn., Jan. 12, 2016 /PRNewswire/ -- Credit Value Partners, LP, as agent for funds and accounts under its management ("CVP"), a registered investment advisor specializing in corporate debt investments, announced that it closed a $12.0 million revolving DIP credit facility with Health Diagnostic Laboratory, Inc. ("HDL"). Proceeds of the loan were used for general working capital purposes and to assist HDL in its sale process.
"CVP is pleased to have provided this DIP facility to HDL," said Michael Keller, Partner for Credit Value Partners, LP. "This loan highlights the strength of CVP's direct lending platform and the depth of our firm's healthcare and bankruptcy expertise."
"It's a great privilege to work with CVP," said Martin McGahan, Senior Managing Director of Alvarez & Marsal and Chief Restructuring Officer of HDL. "The CVP deal team of Michael Keller and Robert Gittrich exhibited an extremely deep understanding of the healthcare industry and bankruptcy. Despite significant obstacles and complexities, they were able to craft a solution and execute in a timely and thoughtful manner."
About Credit Value Partners, LP:
CVP is a registered investment advisor specializing in High Yielding and Non-Investment Grade Corporate Debt. The founding CVP team was formed with Credit Suisse Asset Management ("CSAM") in 2008 and spun out of CSAM as an independent firm in 2010. Today, CVP manages over $2bn in regulatory AUM and has over 400 institutional and high net worth investors. CVP has a team of 6 senior PM's and Loan Originators – Don Pollard, Grant Pothast, Mike Geroux, Joe Matteo (CLO PM), Mike Keller, and Rob Gittrich – with over 20 years' experience each. CVP's senior members previously ran the corporate lending businesses at CS and DLJ and managed lending groups at CapitalSource and GE Capital.
About Health Diagnostic Laboratory, Inc:
HDL is a highly specialized clinical laboratory offering esoteric testing for cardiovascular diseases and diabetes. HDL provides comprehensive biomarker testing for earlier disease detection resulting in improved patient outcomes and reduced costs – with HDL conducting over 500,000 laboratory tests per year. HDL was founded in 2008 with its primary headquarters and laboratory facility based in Richmond, Virginia. HDL filed for Chapter 11 Bankruptcy protection on June 8, 2015 – with HDL's assets being sold to True Health for $37.1 million on September 30, 2015.
SOURCE Credit Value Partners, LP
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