ALEXANDRIA, Va., Jan. 5, 2011 /PRNewswire/ -- Oxford Finance Corporation (Oxford), a subsidiary of Sumitomo Corporation, today announced that it closed a $5 million senior credit facility with Vanguard Healthcare Services, LLC. The transaction includes a $4.2 million senior secured term loan and an $800 thousand revolving line of credit. The company, which operates skilled nursing care facilities in Tennessee, Mississippi and West Virginia, plans to use the funds to acquire a new property in Tennessee.
"The management team at Vanguard Healthcare Services has a proven track record for successfully improving the operation and efficiency of the facilities it acquires," said Chad D. Norman, managing director for Oxford. "It is one of the largest operators in the state of Tennessee and take great pride in providing compassionate care for their residents."
"Oxford Finance Corporation has been a great partner through this transaction. Oxford's expertise in the long-term care sector is evident. Vanguard looks forward to a long-term relationship with Oxford as we continue to grow," said Scott Burleyson, President of Vanguard.
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 Vanguard Healthcare Services, LLC
Vanguard Healthcare Services, LLC is a privately held company, founded in 1996, for the purpose of meeting the specialized care and service needs of the elderly and their families. Vanguard has successfully grown its portfolio of owned facilities since its inception and has created a strong regional presence in the Tennessee and Mississippi markets. Vanguard's senior management team has significant operational, development and acquisition expertise that will allow Vanguard to successfully execute its business plan and leverage the platform with regional development and acquisition opportunities. Vanguard is an owner (or lessee) and operator of fourteen nursing homes with 1,614 beds located in Tennessee (8), Mississippi (5), and West Virginia (1). In addition, Vanguard has an institutional pharmacy servicing both Vanguard nursing homes and 9 non-affiliated contracts with nursing homes and assisted living facilities.
SOURCE Oxford Finance Corporation