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Wells Fargo Capital Finance Provides $75MM to Promise Healthcare

April 01, 2016, 07:43 AM
Filed Under: Healthcare

Promise Healthcare Group, LLC, a national specialty hospital company specializing in the treatment of critically ill patients, under the operating banners of Promise Healthcare, Inc. and Success Healthcare, LLC announces today that it has signed a five-year credit facility with Wells Fargo Capital Finance. The asset-based facility provides up to $75 million of borrowing capacity.

“We are pleased to have Wells Fargo Bank as our partner as we continue to grow. Wells brings a breadth of knowledge and understanding of our company and industry that is unmatched in the banking sector. The Wells team demonstrated a willingness to provide a specialized lending solution, which will help us position our company for future growth,” said Peter Baronoff, Chief Executive Officer of Promise Healthcare, Inc. and Executive Chairman of Success Healthcare, LLC. “The Wells Fargo team quickly gained an understanding of our business, especially the unique intricacies that pertain to Long Term Acute-Care patient receivables,” said James Hopwood, Chief Financial Officer, Promise Healthcare, Inc.

Wells Fargo Capital Finance acted as agent and sole lender on the senior secured facility for Promise Healthcare Group, LLC. "Promise is an industry leader, providing vital and important healthcare to the communities it serves across the nation," said Michael Janda, managing director with the Healthcare Finance group at Wells Fargo Capital Finance. "We are extremely pleased to complete this financing and partner with Promise management to help the company grow and continue providing quality healthcare to the long term acute care industry."

With 24 health care facilities in nine states, Promise Healthcare, Inc. and Success Healthcare, LLC fills a critical void in each market it serves. Promise Healthcare hospitals provide long-term care settings that focus on treating critically ill and high acuity patients in a comprehensive manner, utilizing specialized treatment programs geared to treat patients with multiple medical complexities. Success Healthcare, LLC manages and owns community-based short-term acute-care hospitals. With two campuses in California and two campuses in Missouri including inpatient behavioral health and a School of Nursing; Success Healthcare’s goal is to deliver consistent quality cost-efficient patient care in each market it serves.

Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.

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