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Capital One Provides $73MM in Credit Facilities to CommuniCare Health Services

June 29, 2016, 07:37 AM
Filed Under: Healthcare

Capital One announced that it served as sole lead arranger and administrative agent for a $61 million syndicated term loan and $12 million syndicated revolving credit facility to affiliates of CommuniCare Health Services. The loan and credit facility were used for the acquisition of nine skilled nursing facilities in Ohio and Maryland.

CommuniCare Health Services is part of the CommuniCare Family of Companies, a family-owned business headquartered in Cincinnati, Ohio and one of the nation’s largest providers of post-acute care.

“The team leveraged our relationships with the seller, a publicly traded REIT, to assist CommuniCare with this acquisition,” said Jim Seymour, Senior Managing Director, Capital One Healthcare. “We worked closely with all parties to close the complex transaction within a narrow window of opportunity.” 

“In structuring and executing this transaction, we benefited from Capital One’s knowledge of the skilled nursing industry as well as their strong relationships with the seller and the other banks involved,” said Charles Stoltz, Chief Financial Officer of CommuniCare. “This, along with Capital One’s financial expertise, helped us structure and close this acquisition on time.” 

Capital One Healthcare is a leading provider of financial services to the industry with over $11 billion in total outstanding balances. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers.

Capital One Healthcare is a part of Capital One Commercial Banking, which 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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