Deal supports Financing of Healthcare acquisitions in California
ISELIN, N.J., April 6 /PRNewswire-FirstCall/ -- Siemens Financial Services, Inc. ("SFS") announced today that it has provided a $29,500,000 credit facility to the Avanti Health System, LLC ("Avanti") and Asset Funding Group, LLC ("AFG") to fund hospital acquisitions in California. The five-year senior credit facility consists of a revolving line of credit and term loan.
The loan package facilitated the purchase of HealthPlus Holdings, LLC ("HealthPlus"). HealthPlus owns and operates Memorial Hospital of Gardena and East Los Angeles Doctors' Hospital. AFG facilitated Avanti's acquisition through a sale-leaseback of the real property owned by the hospitals.
"Avanti is committed to providing quality healthcare services through its growing network of acute care hospitals. Siemens is delighted to be involved in supporting Avanti's acquisition," said Roland Chalons-Browne, President and CEO of Siemens Financial Services, Inc. "SFS is dedicated to helping customers in the Healthcare industry like Avanti and AFG grow in this difficult credit environment."
"With Siemens Financial Services and AFG, we were very fortunate to have selected two great capital partners for this transaction," said Joel Freedman, a principal of Avanti. "During the middle of the transaction, capital became extremely scarce. Our financing partners stayed the course during this difficult period. We look forward to a strong and lasting relationship with both firms."
Jeff Hayden, Managing Director of AFG, said: "Debt financing has become extremely difficult to secure. Siemens Financial Services' ability to step-up with a senior loan package in these difficult times is a testament to the stability of their organization and professionalism of their healthcare team."
About Siemens Financial Services (SFS)
With some 1,900 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, the Siemens Financial Services division offers a broad range of financial services. This covers activities from sales and investment financing to treasury services, fund management and insurance brokerage. The division'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: 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: www.usa.siemens.com/finance
Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 428,000 employees in 190 countries, Siemens reported worldwide sales of $116.6 billion in fiscal 2008. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $22.4 billion and employs approximately 69,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com
About Avanti Health System, LLC
Founded in 2008, Avanti Health System, LLC ("AHS") is an innovative hospital management company led by a team of professionals with proven track records that combine extensive experience in the areas of hospital operations, clinical care, finance, and real estate. This unique combination of skills has allowed AHS to align itself with several leading capital sources, providing Avanti with access to capital in a market where few buyers are in a position to make acquisitions. Accordingly, Avanti intends to capitalize on the current opportunities in the hospital marketplace and to continue to make acquisitions. The mission of AHS is to build a health care system that is regarded as an innovative leader in the areas of quality of care, customer service, employee satisfaction, financial success, and community contribution on a national scale.
About Asset Funding Group, LLC
Asset Funding Group, LLC, a privately held firm, was formed in 2004 by Barry Beitler and Jeffrey Hayden, specifically to fund the capital requirements and facilitate the operational real estate strategies/initiatives of middle-market, sub-investment grade high-yield and emerging growth corporate entities. The Company and its related/managed entities currently own a portfolio of sixty eight properties funded over the last ten years, with a $10 million average asset value.
|SOURCE Siemens Financial Services, Inc.|
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