ALEXANDRIA, Va., April 28, 2011 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life science and healthcare services companies, today announced that it closed a $150 million senior credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The new facility, in combination with the recent capitalization from Sumitomo Corporation of America and Welsh, Carson, Anderson & Stowe, will be used to further expand Oxford's balance sheet and support its portfolio growth.
The Lender Finance division of Wells Fargo Capital Finance, a leading provider of credit facilities to the financial services sector, will hold $75 million and syndicate the balance of the $150 million facility post-close. The loan proceeds will be used to support the senior loan products Oxford provides to both the life science and healthcare services industries.
"Our new relationship with Wells Fargo Capital Finance is a very important step as we broaden our capital resources to fund our continued growth," said J. Alden Philbrick, president and chief executive officer of Oxford. "Wells Fargo Capital Finance's quality reputation and financial strength will help Oxford continue to be a leader in the marketplace and build its portfolio."
Timothy A. Lex, executive vice president and chief operating officer of Oxford added, "We are delighted to be associated with such a respected institution as Wells Fargo Capital Finance and appreciate their expertise and understanding of our business. We look forward to a long-standing, mutually beneficial business relationship."
"We are pleased to have completed this important financing for Oxford Finance," said Andrea Petro, division manager of the Lender Finance division of Wells Fargo Capital Finance. "We look forward to supporting Oxford's outstanding management team and their plans for the successful growth of the business."
About Oxford Finance LLC
Oxford Finance 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, Illinois, Massachusetts and North Carolina. For more information visit www.oxfordfinance.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 and purchase order financing to companies across the United States and Canada. 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, timeshare development and others. For more information, visit wellsfargocapitalfinance.com.
SOURCE Oxford Finance LLC