CHICAGO--(BUSINESS WIRE)--GE Healthcare Financial Services has provided a $320 million senior secured credit facility to Saint Vincent Catholic Medical Centers of New York, one of the largest healthcare systems in the New York Metro area. The financing, which consists of a $50 million revolving credit facility and $270 million real estate based term loan, will support the hospital's exit from Chapter 11 Bankruptcy.
The New York-based healthcare system will use the facility to refinance the company's existing debtor-in-position (DIP) credit facility which was provided by GE Healthcare Financial Services in December 2005, fund obligations under the plan of reorganization and provide liquidity for working capital and other general corporate needs. GE Capital Markets, Inc. acted as sole lead arranger and bookrunner and GE Healthcare Financial Services serves as the administrative agent for the credit facility.
"GE Healthcare Financial Services has been a supportive partner throughout the restructuring process. Their flexibility and responsiveness were critical to successfully executing our turnaround plan," said Alfred E. Smith IV, Chairman of Saint Vincent Medical Centers' Board of Directors. "We have reached the turning point in our reorganization, and we are now focused on the future and our abilities to provide higher quality medical, behavioral health, and continuing care to our patients. This financing positions Saint Vincent's to execute our vision of becoming a smaller but stronger health care system serving the people of New York."
"We continue to be impressed with the turnaround efforts at Saint Vincent's and we are proud to play a part in their success," said David Varhol, Managing Director of GE Healthcare Financial Services' Corporate Finance group. "In a relatively short period of time, the Alvarez & Marsal team and Saint Vincent's senior management were able to transform a critical health provider from an entity that was generating significant losses into a health system generating positive cash flow with a bright future."
About GE Healthcare Financial Services:
GE Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global healthcare market. With over $16 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians' practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit http://www.gehealthcarefinance.com.
Contacts GE Healthcare Financial Services
Suzanna Jensen, 312-441-7591
suzanna.jensen@ge.com
Britta Kons
GE Healthcare Global Services
britta.kons@ge.com
1-203-400-1892