MidCap Financial Raises Corporate Debt Facility and Enters Strategic Relationship with Solar Capital
BETHESDA, Md., July 19 /PRNewswire/ -- MIDCAP FINANCIAL, LLC (www.midcapfinancial.com), a leading commercial finance company focused exclusively on middle market healthcare, announced it has closed a corporate credit facility with Solar Capital Ltd. (Nasdaq: SLRC). The facility will be used for MidCap's general corporate purposes and is designed to increase in size to meet MidCap's future capital needs. The credit facility is part of an overall strategic relationship with Solar to partner on individual transactions and create cross-referral opportunities.
"We are excited to work in partnership with MidCap," said Michael Gross, CEO of Solar. "Launched after the financial crisis, with no legacy loan portfolio, a growing balance sheet and deep expertise in the healthcare industry, MidCap represents a promising addition to the middle market finance space. We believe this will be a valuable relationship for both parties going forward."
"MidCap continues to seek ways to expand our balance sheet to better serve our clients. Solar is an excellent partner for our business, whose strong investment experience and excellent access to capital will be an important aspect of our growth going forward," commented Howard Widra, MidCap's CEO.
About MidCap Financial, LLC
MidCap Financial is a commercial finance company focused on middle market lending in the broad national healthcare industry. MidCap specializes in $5 million to $200 million loans. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles, and focuses in four areas:
-Working Capital loans to healthcare providers collateralized by third-party accounts receivable and other assets;
-Life Sciences loans, primarily to pharmaceutical, biotech, and medical device companies;
-Real Estate loans to senior housing, skilled nursing facilities, and medical office buildings; and
-Leveraged loans to healthcare companies backed by private equity sponsors.
Additional information about MidCap Financial can be found at www.midcapfinancial.com
About Solar Capital Ltd
Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans, mezzanine loans, and equity securities.
SOURCE MidCap Financial, LLC