Siemens Financial Services, Inc. Provides $29.5 Million Credit Package to Avanti Hea...( Deal supports Financing of Healthcare...),Health

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.

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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 Financi
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