ALEXANDRIA, Va., Feb. 10, 2011 /PRNewswire/ -- Oxford Finance Corporation (Oxford), a subsidiary of Sumitomo Corporation, today announced that it is a Co-Syndication Agent for a $68.5 million senior secured credit facility for Great Lakes Home Health and Hospice (Great Lakes). CIT Healthcare LLC is the Administrative Agent. The facility, which includes a $53.5 million senior secured term loan and a $15 million revolving line of credit, is instrumental in the completion of the acquisition of In-House Hospice, one of the leading hospice and palliative care providers in Michigan and Ohio.
"Oxford is pleased to have the opportunity to be a part of this financial transaction with Great Lakes," said Chad D. Norman, managing director for Oxford. "Great Lakes has an experienced management team that has successfully guided the organization through various economic and reimbursement environments, and has an impressive track record of achieving positive organic and acquisition growth."
"We are pleased to be able to work with Oxford Finance as one of our lending partners," said William Deary, CEO of Great Lakes. "We look forward to working with them as we continue to expand our home care and hospice presence throughout the Midwest."
John Pouschine, of Pouschine Cook Capital Management, added, "Oxford Finance is a great partner to help us execute our growth strategy for Great Lakes' home health and hospice platform." Great Lakes is a portfolio company of Pouschine Cook Capital Management.
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 Great Lakes Home Health and Hospice
Headquartered in Jackson, Michigan, Great Lakes Home Health and Hospice and Home Medical Equipment employs over 1,000 health care professionals in over 19 offices who provide superior quality home health care, hospice care and private care duty every day to over 5,000 patients throughout the Midwest. This superior level of quality care drives over 2,000 physicians to entrust their patients' care to Great Lakes, which currently serves patients and their families in Michigan, Indiana, and Ohio.
SOURCE Oxford Finance Corporation