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The PrivateBank Provides Financing to Cardiac Science Corp.

February 17, 2016, 07:46 AM
Filed Under: Manufacturing

The PrivateBank has provided both debtor-in-possession financing and $20 million in senior secured exit financing to Cardiac Science Corp. Cardiac Science is a global leader in the manufacturing and marketing of automated external defibrillators (AEDs) for the public access, education, police and fire and rescue markets. Cardiac Science is a portfolio company of Aurora Resurgence. Headquartered in Waukesha, WI, the company has operations in North America, Europe and Asia, with an installed base in nearly 100 countries.

"We were presented with a new opportunity to provide debtor-in-possession financing by Cardiac's team of advisors," said Bob Corsentino Co-head of Asset Based Lending. "The PrivateBank was able to structure a facility to accommodate the working capital needs of the company while it was operating under bankruptcy protection. Upon Aurora Resurgence's acquisition of the assets in a 363 sale, The PrivateBank also provided and funded a facility to accommodate the working capital needs of Cardiac upon exit."

"The PrivateBank expeditiously delivered a comprehensive financing solution for Cardiac Science that allowed the company to maintain its momentum while operating under bankruptcy protection. Their responsiveness and collaborative approach made The PrivateBank a logical financial partner upon exit," said Sean Ozbolt, Partner at Aurora Resurgence.

Aurora Resurgence is a leading private equity firm focused on investing in equity and debt securities of middle-market companies. Its expertise lies in creating value from complex situations that arise from financial or operational challenges. Located in Los Angeles, Aurora Resurgence is presently investing from Aurora Resurgence Fund II, which has approximately $550 million in capital commitments. About The PrivateBank The PrivateBank is a part of

PrivateBancorp, Inc., and delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities it serves. As of December 31, 2015, the company had 35 offices in 12 states and $17.3 billion in assets.

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