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CapitalSource Provides $56.1MM Credit Facility to Welcov Healthcare

July 09, 2015, 08:03 AM
Filed Under: Healthcare

CapitalSource announced it has provided a $56.1 million credit facility to Welcov Healthcare to refinance existing debt and provide growth capital to Welcov.  The credit facility includes a senior term loan, cash flow term loan and a revolving credit facility.

Founded in 1997, Welcov Healthcare serves thousands of clients in its over 60 long-term care, short-term care and assisted living facilities, and home health agencies located throughout Minnesota, South Dakota, Montana, Iowa, Nebraska and Wyoming.

Welcov will use the proceeds from the credit facility to access additional liquidity to fuel opportunistic acquisition growth.

“We worked closely with Welcov to better understand their wants and needs and developed a flexible and creative mortgage, cash flow and asset based solution,” noted Don Kelly, senior director at CapitalSource.  “Each piece of the credit facility offers significant future draw capabilities for acquisitions and other corporate growth needs to address Welcov’s capital objectives.”

The deal was brought to CapitalSource’s Healthcare Finance Group by Aaron Osmundson of Quadriga Partners.  “Both CapitalSource and Welcov have a long track record of success in the healthcare sector and proven industry expertise. Putting them together to complete this transaction resulted in a flawless, smooth and natural execution,” said Osmundson.    

“The integrity, quality and expertise of the individuals at Welcov and Quadriga is best in class. As a company that places great importance on such attributes, we are proud to count them both among our clientele,” added Steve Gilleland, Managing Director at CapitalSource.

“We were thrilled for the opportunity to work with Welcov and its executive team, which included Paul Contris, Tom Boerboom and Heidi Hillman. In addition, Aaron Osmundson of Quadriga was a critical partner in our ability to create the all-encompassing capital solution that was needed,” added Kelly.

CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $16 billion in assets and 80 full-service branches located throughout the state of California. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp.

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