Oxford Finance Corporation Provides $5 Million Revolving Line of Credit to Avanti Health System, LLC

Aug 24, 2010, 12:27 ET from Oxford Finance LLC

ALEXANDRIA, Va., Aug. 24 /PRNewswire/ -- Oxford Finance Corporation, a subsidiary of Sumitomo Corporation, today announced that it closed a $5 million revolving line of credit agreement with Avanti Health System, LLC and its affiliate CHHP Holdings II, LLC. The group, which owns and operates acute care hospitals in California, will be using the funds to acquire and operate Community Hospital of Huntington Park.

“Oxford is pleased to provide capital to support the expansion of Avanti’s hospital network,” said J. Alden Philbrick, president and chief executive officer of Oxford Finance Corporation. “The company’s acquisition of Community Hospital of Huntington Park has helped it become a dominant provider in southeast Los Angeles.”

“Our CHHP acquisition required a strong understanding of the hospital industry, regional dynamics and our vision for the hospital,” said Joel Freedman, a principal of Avanti and CHHP. “We had tight closing deadlines and Oxford’s team worked diligently with us to ensure this transaction was executed quickly.

About Oxford Finance Corporation

A subsidiary of Sumitomo Corporation, Oxford is a specialty finance firm providing senior secured loans to public and private life science and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $1.5 billion in loans, with lines of credit ranging from $500 thousand to $40 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.

About Avanti Health System, LLC

Founded in 2008, Avanti Health System, LLC (“AHS”) is an innovative hospital management company led by a team of professionals with proven track records that combine extensive experience in the areas of hospital operations, clinical care, finance, and real estate. This unique combination of skills has allowed AHS to align itself with several leading capital sources, providing Avanti with access to capital in a market where few buyers are in a position to make acquisitions. Accordingly, Avanti intends to capitalize on the current opportunities in the hospital marketplace and to continue to make acquisitions. The mission of AHS is to build a health care system that is regarded as an innovative leader in the areas of quality of care, customer service, employee satisfaction, financial success, and community contribution on a national scale.

For more information visit www.avantihospitals.com.

SOURCE Oxford Finance Corporation



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