BETHESDA, MD -- October 5, 2011 --- GE Capital, Healthcare Financial Services announced today that it has closed, as administrative agent, $355 million in senior secured credit facilities for Metropolitan Health Networks, Inc. (NYSE AMEX: MDF). The financing includes a $40 million revolving line of credit, a $240 million first lien term loan and a $75 million second lien term loan. GE Capital Markets served as joint lead arranger and joint book runner on the credit facilities.
The financing supports the company's acquisition of Continucare Corporation (NYSE: CNU), bringing together two of Florida's leading providers of health care services to Medicare Advantage and Medicaid customers.
"We truly appreciate GE's unwavering commitment and syndication expertise during a very tough time in the debt and equity markets," said Michael Earley, Chairman & CEO of Metropolitan Health Networks, Inc. "GE's knowledge of our business and the healthcare industry also proved helpful in structuring financing to meet our needs."
Based in Boca Raton, FL, Metropolitan Health Networks, Inc. operates one of the largest provider service networks (PSN) in Florida. Through its PSN, Metropolitan provides and arranges for medical care primarily to Medicare Advantage (MA) beneficiaries who have enrolled in MA health plans.
"Whether we're operating in a good or challenging market, our capital markets expertise and industry knowledge allows us to make significant commitments to our customers," said Bob McCarrick, senior managing director, GE Capital, Healthcare Financial Services. "We're proud to provide Metropolitan with the capital necessary for this strategic acquisition and welcome them as a new customer."
About GE Capital, Healthcare Financial Services
With over $17 billion invested, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry, with investments in more than 40 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. Visit ge.com.
Ned Reynolds
GE Capital
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