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Capital One Closes $19MM Credit Line for Alecto Healthcare Services

June 02, 2015, 07:17 AM
Filed Under: Healthcare

Capital One provided a $19 million revolving line of credit to Alecto Healthcare Services, which operates four hospitals in West Virginia, Texas and California. The line of credit will be used to finance the working capital needs for two of the company’s recently acquired hospitals – Fairmont Regional Medical Center, a 207-bed acute care hospital in Fairmont, West Virginia, and Wilson N. Jones Regional Medical Center, a 237-bed acute-care facility in Sherman, Texas. 

“Alecto’s management team has a strong track record of building successful healthcare systems, and exhibit the ideal qualities we target in our borrowers,” said Patrick Coffey, Managing Director, Capital One. “We are excited to take this first step in what is expected to be a long and expanding relationship.”

Alecto was formed in 2012 by CEO Lex Reddy and CFO Roger Krissman. In addition to Fairmont and Wilson N. Jones, the company also operates Olympia Medical Center, a 204-bed acute-care hospital in Los Angeles, California, and manages St. Rose Hospital, a 217-bed nonprofit acute-care hospital in Hayward, California. 

“We look forward to developing a long-term relationship with Capital One as we work to improve patient access to care by sustaining our nation’s community hospitals,” Krissman says.

Capital One’s healthcare team provides a wide array of banking and lending solutions to the long-term care industry, as well as the broader healthcare marketplace, including real estate loans, enterprise term loans and revolving lines of credit to address their capital needs. Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

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