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GE Capital Leads $550MM Credit Line for Genesis Healthcare

February 18, 2015, 07:49 AM
Filed Under: Healthcare

GE Capital’s Healthcare Financial Services acted as administrative agent in a transaction that provided a $550 million revolving line of credit to Genesis Healthcare, Inc. GE Capital Markets served as sole bookrunner and lead arranger. Based in Kennett Square, PA, Genesis is one of the largest post-acute care providers in the country.

The proceeds of the transaction were used to complete Genesis’ previously announced combination with Skilled Healthcare Group, Inc. The unified company has more than 500 skilled nursing and assisted/senior living communities in 34 states. It also expanded Genesis' rehabilitation therapy business, Genesis Rehab Services, to more than 1,800 service locations in 47 states and the District of Columbia.

“We’ve had a long-term relationship with GE Capital so it was natural for us to turn to them at such a critical time,” said Tom DiVittorio, senior vice president and CFO of Genesis. “Their understanding of our business and the healthcare industry overall enabled us to further expand the services we provide to patients and residents nationwide.”

“We are glad to assist Genesis with its combination with Skilled,” said Al Aria, senior managing director of GE Capital, Healthcare Financial Services’ corporate finance team. “In the midst of today’s shifting healthcare landscape, we believe our in-depth knowledge of market dynamics, our ability to underwrite large deals and our willingness to provide flexible structures will continue to be important to this industry. We look forward to continuing to work with Genesis and to many more years of creating mutual value.”

Genesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide.

GE Capital’s Healthcare Financial Services (HFS) business is one of the most active capital providers in the U.S. healthcare market, providing more than $10.5 billion in financing across more than 240 transactions in 2014.

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