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Gemino Healthcare Finance Provides $8MM Financing to New Beginnings Care

January 28, 2014, 07:30 AM
Filed Under: Healthcare

Gemino Healthcare Finance (“Gemino”) today announced it has provided an $8 million secured revolving line of credit to New Beginnings Care, Inc. The proceeds are being used for working capital purposes.

Headquartered in Chattanooga, Tennessee, New Beginnings Care, Inc. is a management company which oversees the operations of 14 skilled nursing facilities in four states. They manage eight (8) homes in Georgia, three (3) in Arkansas, two (2) in Tennessee, and one (1) in Oklahoma.

“The changing face of long-term and post-acute care requires that we face the need to treat an increasingly clinically complex population,” said Trent Tolbert, Chief Acquisitions Officer of New Beginnings. “We are very excited about our new partnership with Gemino which will allow us to positively enhance the lives of the residents we serve and better serve each community. We look forward to a long-standing relationship with Gemino that not only allows but also promotes excellence in long-term care.”

Gil Brindley, Managing Director for Gemino, said, “We were immediately impressed by Trent and his team at New Beginnings, and recognize that our credit facility will help facilitate their future growth. This transaction marks Gemino’s first closing since being acquired by Solar Senior Capital a short time ago and we find that our new client is appropriately named New Beginnings.”

Gemino Healthcare Finance, a portfolio company of Solar Senior Capital Ltd. (NASDAQ: SUNS), provides senior loans to healthcare service providers throughout the U.S., with typical financing needs ranging from $2 million to $20 million in the form of revolving lines of credit and term loans.

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