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Hercules Capital, Silicon Valley Bank Provide $300MM Financing to Oak Street Health

November 17, 2022, 07:00 AM
Filed Under: Healthcare

Silicon Valley Bank and Hercules Capital provided a $300 million credit facility to Oak Street Health, a network of value-based primary care centers for adults on Medicare. The financing is intended to provide Oak Street Health with operational and strategic capital for the next several years.

"This financing agreement is the result of the strong relationships Oak Street Health has built with Hercules Capital and Silicon Valley Bank over the last several years," said Tim Cook, Chief Financial Officer at Oak Street Health. "We look forward to continuing to work with Hercules Capital and Silicon Valley Bank as we invest in our business and advance our mission of rebuilding healthcare as it should be."

Oak Street Health is a tech-enabled, primary care company that is specifically dedicated to meeting the health needs of older adults. The company cares for Medicare-eligible patients with chronic illnesses, particularly those in underserved communities.

"Hercules Capital is pleased to once again partner with Oak Street Health as they continue to grow their national footprint and provide high-quality primary care to older adults across the country," said Michael Dutra, Managing Director at Hercules Capital. "We are impressed with Oak Street Health's dedication to patients and are happy to support their continued growth with this new credit facility."

"Oak Street Health is rebuilding healthcare through its innovative model and approach to providing high-quality services and support for patients," said Tom Hertzberg, Market Manager and Head of Central and Southwest U.S. Life Science and Healthcare Banking for Silicon Valley Bank. "We are excited to meet Oak Street Health's financing needs and provide them with advisory expertise. This is a great example of the comprehensive solutions and advice SVB offers to companies to help them succeed and scale."

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