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Capital One Closes Credit Facility for Partners Pharmacy Services

November 03, 2015, 07:17 AM
Filed Under: Healthcare

Capital One has provided a secured term loan and  revolving line of credit to Partners Pharmacy Services.  The borrower will use the proceeds from the credit facility to refinance its existing line of credit, pay off shareholder notes, finance future acquisitions and fund ongoing working capital requirements as the company builds capacity and executes on its bold growth plans. 

Partners is a leading provider of pharmacy services for long-term care institutions, including skilled nursing facilities, assisted living facilities, and other institutional settings.  Its 13 pharmacy locations offer pharmacy services to over 65,000 beds in 10 states.

“We designed a tailored structure for this transaction to best support Partners’ anticipated growth,” said Steve Anderson, Senior Vice President, Capital One Commercial Banking.  “We were pleased to establish a lending and banking relationship that enables Partners to execute on its ambitious expansion strategy.” 

“Capital One took the time to understand our growth potential and structured the transaction to meet our goals,” said Patrick Downing, Partners’ President and CEO.  “Capital One was highly responsive to our needs throughout the process.”

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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