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Super G Provides $2MM Second Lien Working Capital Loan to Healthcare Services Firm

January 11, 2018, 07:25 AM
Filed Under: Healthcare

Super G provided a $2 million working capital loan to a sponsor-backed provider of employee healthcare management services.

The company was seeking additional working capital for seasonality around Q4 employee enrollment, to cushion to continue growth and run an M&A process, and to maintain minimum liquidity to stay in compliance with bank covenants. The company’s senior lender is providing an asset-based revolving line of credit as well as a large enterprise value based term loan and could not extend additional credit. Since the company would like to pursue a liquidity event within 18 months, a non-dilutive solution was important to management as the business continues to grow and increase its enterprise value.

Super G was able to work closely with the company’s senior lender to provide a $2.0 million non-dilutive second lien term loan with a payment schedule tailored to the company’s seasonal cash flow, growth initiatives, and bank covenants. Super G was able to get comfortable with the seasonality of the business and total leverage given the company’s strong financial performance, enterprise value, and experienced management team & private equity sponsor.

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