ISELIN, N.J., Dec. 4 /PRNewswire/ -- Siemens Financial Services, Inc. announced today that it has provided a $40 million senior secured credit facility to Merit Mountainside, LLC. The 5-year credit facility included a $15 million revolving line of credit and a $25 million term loan. The proceeds were used to complete the acquisition of Mountainside Hospital, which has served the Montclair/Glen Ridge, New Jersey community and surrounding townships since 1891, by Merit Health Systems, LLC.
"Merit is committed to providing quality healthcare to the Montclair/Glen Ridge community and we are proud to help support them in such a great undertaking," said Roland Chalons-Browne, CEO of Siemens Financial Services. "Like Merit, we are committed to our customers and to the Healthcare industry and are excited to partner with Merit on this acquisition and look forward to a long-lasting relationship."
Siemens, one of the largest electronics and engineering companies in the world, has been a leader in the healthcare industry for more than 130 years. This heritage has largely been built on innovation and excellence. At SFS, it is precisely this healthcare industry expertise, our ability to be innovative and our reliability that allow us to uniquely partner with healthcare providers in creating financial solutions.
"Siemens Financial Services showed they were committed to helping us grow. Their financing offer was competitive and delivered as promised. We're happy to have established a relationship with a company with a proven, long term commitment to the healthcare industry," noted John Thompson, Chief Financial Officer of Merit Health Systems, LLC."
About Siemens Financial Services (SFS)
With some 1,800 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, the Siemens Financial Services group offers a broad range of financial services. This covers activities from sales and investment financing to treasury services, fund management and insurance brokerage. The group's key customers are internationally active industrial and services companies, as well as public- sector operators. The group supervises more than 20 equipment financing companies worldwide. Further information: http://www.siemens.com/finance
Siemens Financial Services, Inc. (SFS Inc.) is a leading provider of business-to-business financial services in the United States. SFS is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for thousands of customers in the healthcare, energy, and industrial sectors by providing customized solutions that range from equipment financing and working capital to project and export finance, and insurance solutions. Further information on Siemens Financial Services in the United States: http://www.usa.siemens.com/financial
Siemens AG (NYSE: SI) is a global powerhouse in electrical engineering and electronics, focusing on the three key sectors of healthcare, industry and energy. Founded 160 years ago in Germany, Siemens AG reported sales of $96.6 billion in fiscal year 2007 (ended September 30). Siemens today employs more than 470,000 people in some 190 countries. In the United States alone, Siemens had sales of over $25 billion (including export sales), fueled largely by infrastructure projects and innovative solutions in the industry areas of medical, automation and control, power, transportation and lighting. Headquartered in New York City, Siemens in the U.S. employs nearly 72,000 people in all 50 states and Puerto Rico. The U.S. is also home to the global headquarters of nine of Siemens' worldwide businesses. For more information on Siemens in the United States, go to http://www.usa.siemens.com
|SOURCE Siemens Financial Services, Inc.|
Copyright©2007 PR Newswire.
All rights reserved