MidCap Financial Extends and Increases to $600 Million Its Credit Facility Led by Wells Fargo Capital Finance and Obtains Additional Financing Partners

Mar 07, 2012, 08:10 ET from MidCap Financial, LLC

BETHESDA, Md., March 7, 2012 /PRNewswire/ -- MIDCAP FINANCIAL, LLC, the nation's leading independent commercial finance company focused exclusively on middle market healthcare companies, announced today that one of its financing subsidiaries has extended the maturity date to January 2015  and increased to $600 million a credit facility led by Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), with commitments from SunTrust Bank, Key Equipment Finance, Capital One, Fifth Third Bank, EverBank Commercial Finance, and The Huntington National Bank.  The facility provides financing against MidCap's asset-based loans to healthcare companies.

In other financing developments, MidCap has also added three new lenders to its stable of banks who provide credit on its real estate asset class.  In all, MidCap has raised $218 Million from six new lenders during the first two months of 2012.  These new commitments bring MidCap's total debt financing commitments to more than $1 billion from 18 different credit partners.

Together with its equity capital commitments, MidCap now has in excess of $1.5 billion of financing capacity to support its four senior debt business lines.  After completing a record 2011, MidCap will utilize its growing balance sheet to continue its strong performance for the balance of 2012.

David Moore, MidCap's CFO, said, "We are thrilled to close this expanded facility with Wells Fargo, a truly supportive partner since MidCap got started in 2008.  Wells has continuously stood by us, and we will certainly benefit from their efforts to further syndicate this facility.  Likewise, having the confidence and support of world class companies like SunTrust, Key, Capital One, Fifth Third, EverBank, and Huntington is truly gratifying. We plan to utilize this critically important facility, together with those from our other credit partners, to take advantage of the current strong market to build our senior debt portfolio."

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:

  • Asset-Based working capital loans to healthcare providers collateralized by third-party accounts receivable and other assets;
  • Leveraged loans to healthcare companies backed by private equity sponsors;
  • Life Sciences loans to VC-backed and public pharmaceutical, biotech, and medical device companies;
  • Real Estate loans to skilled nursing facilities, senior housing properties, and medical office buildings

Additional information about MidCap Financial can be found at www.midcapfinancial.com

About Wells Fargo Capital Finance:

Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.  Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others.  For more information, visit www.wellsfargocapitalfinance.com.


MidCap Financial, LLC


David G. Moore, CFO





SOURCE MidCap Financial, LLC