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Home health provider AccentCare closes $35M financing deal with CapitalSource

Home health provider AccentCare closes $35M financing deal with CapitalSource

August 14, 2009 | Industry News Release
Source: Healthcare Finance News

IRVINE, CA – CapitalSource, one of the leading commercial lenders in the United States, and AccentCare, one of the fastest growing healthcare companies in the United States, today announced the closing of a loan transaction which refinances AccentCare’s indebtedness and provides for its ongoing operating needs, as well as the ability to fund future acquisitions.

CapitalSource’s fully underwritten three-tiered, $35 million credit facility provides AccentCare with a $25 million revolving line of credit, a $5 million term loan and a $5 million acquisition line.

AccentCare is a leading full-service provider of home healthcare services ranging from non-medical, personal care to skilled nursing and rehabilitation. Through its network of 58 locations throughout California, New York, Ohio, Washington and Arizona, AccentCare provides skilled nursing services, skilled homecare services and unskilled personal care services.

“We are extremely pleased to provide AccentCare with financing to support their business goals,” Keith D. Reuben, president of the Commercial Finance Business, said.  “The successful execution of this transaction in a challenging market underscores our ability and commitment to meet the financing needs of the healthcare sector as well as our confidence in AccentCare’s experienced management team.”

“It was a pleasure to work with CapitalSource,” Vincent Cook, AccentCare’s executive vice president and CFO, said.  “Their in-depth knowledge of the healthcare industry and its capital needs, coupled with their flexibility to structure a deal that met the unique needs of AccentCare, made them the right financing partner for this transaction.”

CapitalSource is a commercial lender that provides financial products to middle market businesses and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. As of June 30, 2009, CapitalSource had total commercial assets of $10.9 billion and $4.5 billion in deposits. Visit www.capitalsource.com for more information.

AccentCare, Inc. is one of the nation’s leaders in home healthcare. Highly trained, dedicated, professional caregivers provide comprehensive services that range from personal, non-medical care to skilled nursing and rehabilitation services. AccentCare has numerous locations in California, Arizona, New York, Ohio and Washington. For more information please visit www.accentcare.com.
 

Related Topics:
  • AccentCare Inc.
  • Arizona
  • California
  • Irvine
  • New York
  • Ohio
  • United States
  • Washington

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