MidCap Financial Substantially Increases Credit Facility to $400 Million
BETHESDA, Md., Dec. 10, 2010 /PRNewswire/ -- MIDCAP FINANCIAL, LLC, a leading commercial finance company focused exclusively on middle market healthcare companies, announced today that one of its financing subsidiaries has closed an upsized $400 million credit facility from a bank group led by Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), with commitments from SunTrust Bank, Goldman Sachs Bank USA, and Key Equipment Finance. The facility is the expansion of the existing facility that MidCap had in place with Wells Fargo, has a three year tenor, and provides financing against MidCap's senior secured loans to healthcare companies.
Since its founding in late 2008, MidCap has extended financing commitments in excess of $600 million across approximately 50 relationships and has successfully established itself as a market leader in each of its business segments.
"We are pleased that our lenders continue to show support of our business, as indicated by this significant commitment increase. Wells Fargo has been an important part of our success since the beginning, and we appreciate their leadership in upsizing this facility. Likewise, the continued support of companies such as SunTrust, Goldman Sachs, and Key Equipment Finance is something for which we are very grateful and proud," commented MidCap's CFO, David Moore.
Howard Widra, MidCap's CEO, adds, "This additional support from our lenders enables us to continue to build our leading presence in the middle market healthcare space. The larger facility allows us to address the significant credit needs in our target markets across all four of our business segments and gives MidCap the ability to grow its financing portfolio in excess of $1 billion."
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
Chris Tofalli Public Relations, LLC
SOURCE MidCap Financial, LLC