ALEXANDRIA, Va., March 15, 2011 /PRNewswire/ -- Oxford Finance Corporation (Oxford), a subsidiary of Sumitomo Corporation, today announced that it provided a $5 million credit facility to Platinum Health Care LLC. The financing package included a $4 million senior secured term loan and a $1 million revolving line of credit. The term loan was used to acquire a skilled nursing facility in Kenosha, Wisconsin, and the revolving line of credit will support its ongoing operations.
"We are extremely pleased to provide capital to support the expansion of Platinum Health Care's organization," said Chad D. Norman, managing director for Oxford Finance. "It has an experienced management team and a long-standing reputation for being a superior provider of skilled nursing care."
"Oxford was very service-oriented and responsive to Platinum Health Care's capital requirements," said Paresh Vipani, chief financial officer for Platinum Health Care. "These funds enabled the company to acquire a property that will be a great addition to our portfolio nursing care facilities."
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 Platinum Health Care LLC
Platinum Health Care (PHC) was formed in 2001 to provide a full range of back office functionality on a contractual basis to senior housing communities. Since 2001 PHC has been contracted by facilities with revenues in excess of $80,000,000 per year. For additional information visit www.platinumhc.net.
SOURCE Oxford Finance Corporation