ALEXANDRIA, Va. and BROOKFIELD, Conn., Sept. 10, 2019 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, today announced the closing of a $25.5 million term loan and revolving line of credit to PhysicianOne Urgent Care ("PhysicianOne" or "the Company"), an operator of 18 urgent care centers in Connecticut, Massachusetts, and New York. The proceeds will be used for general working capital, to fund add-on acquisitions and new centers, and repay existing debt. Oxford is the sole lead arranger and administrative agent in this transaction. PineBridge Structured Capital ("PineBridge") is the lead equity investor in PhysicianOne.
PhysicianOne Urgent Care centers are open 365 days per year and provide walk-in treatment for non-life threatening illnesses and injuries. They are the first physician-founded urgent care center in Connecticut to be certified and accredited by the Urgent Care Association, and are affiliated with two of the nation's leading hospital systems; Yale New Haven Health in Connecticut and New York, and Tufts Medical Center in Massachusetts.
"Oxford is thrilled to work with the outstanding management team at PhysicianOne," said Tracy S. Maziek, head of healthcare services at Oxford Finance. "Our foremost objective was to provide a flexible solution that would allow the Company to achieve its growth goals."
"We are excited about the opportunity to bring our innovative model of expert, walk-in care to more patients throughout the Northeast with our continued expansion," said Lynne Rosen, PhysicianOne Urgent Care CEO. "For non-life threatening illnesses and injuries, we're the first choice alternative to the ER, saving consumers time and money. We provide easy access to the right care, at the right time, for the right cost in our communities. We have seen tremendous growth over the last couple years, and are looking forward to expanding access to high-quality, on-demand care to more patients in new markets with this partnership."
"We continue to be excited about the opportunity at PhysicianOne and are pleased to partner with Oxford to help the company achieve its growth initiatives," said Pamela R. Applefeld, senior vice president at PineBridge and board member of PhysicianOne.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences 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 $5 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit https://oxfordfinance.com/
About PhysicianOne Urgent Care
PhysicianOne Urgent Care provides high-quality, easily-accessible, walk-in medical care for non-life-threatening illnesses and injuries for patients of all ages. All 18 locations throughout Massachusetts, Connecticut, and New York are open 365 days per year; 8:00 a.m. to 8:00 p.m., weekdays, and 9:00 a.m. to 5:00 p.m., weekends and holidays. Experienced providers are on site at all times. X-ray and lab services are available on site every day. Most insurances are accepted; self-pay options are also available. Parking is available at all locations.
Founded by a team of physicians in 2008, PhysicianOne Urgent Care was the first in the region to be accredited and certified by the Urgent Care Association. PhysicianOne Urgent Care is proud to be an Affiliate of Yale New Haven Health in Connecticut and New York, and partnered with Wellforce/Tufts Medical Center in Massachusetts to provide expanded access for their patients with prestigious health systems.
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients' expectations on every level, every day. As of 30 June 2019, the firm managed US$97.2 billion across global asset classes for sophisticated investors around the world. PineBridge Structured Capital provides junior debt and non-control equity capital tailored to meet the specific needs of middle markets businesses. For more information, visit https://www.pinebridge.com/