SOURCE: Healthcare Finance Group, Inc.

Healthcare Finance Group, Inc.

January 07, 2011 14:27 ET

Healthcare Finance Group, LLC Underwrites $150.0 Million Syndicated Revolving Credit Facility for BioScrip, Inc.

ELMSFORD, NY--(Marketwire - January 7, 2011) - Healthcare Finance Group, LLC ("HFG") today announced that on December 28th it underwrote a new $150.0 million syndicated revolving credit facility for BioScrip, Inc. ("BioScrip").

BioScrip® is a leading provider in comprehensive, cost-effective pharmaceutical and homecare solutions. In partnership with healthcare payors, pharmaceutical manufacturers, government agencies, physicians and patients, BioScrip delivers affordable healthcare medications, programs and home health services to enhance the quality of life.

The new facility is structured as an amendment and restatement of the previous senior secured facility which consisted of a $100.0 million term loan and $50.0 million unfunded revolver. HFG is the sole arranger and underwriter, as well as the collateral manager, of this new facility which will provide BioScrip ongoing funding of its eligible accounts receivable and inventory. The revolving aspect of the new facility allows BioScrip the flexibility to manage its funding needs to borrowing levels under the new facility. HFG will be syndicating this facility post-closing.

"The new facility provides us with better terms and financial flexibility which is an important first step in enabling us to reposition the Company and improve profitability," said Richard (Rick) M. Smith, President and Chief Operating Officer of BioScrip. "This new facility provides us with greater borrowing power to support our future cash flow priorities. HFG has been our lender for over a decade and their tremendous assistance in this transaction and being able to close it so quickly is yet another example of them stepping up to support us in this significant step we are taking at BioScrip." 

Regarding the transaction, John Calabro, EVP and National Portfolio Manager for HFG, said, "We are very proud and gratified in BioScrip's continued confidence in HFG's capabilities, expertise, and execution. We are pleased to expand this long time mutually beneficial relationship and to be able to provide BioScrip with the flexible financing facility they need to reposition the Company." 

Jim Gelwicks, HFG's Managing Director and Head of Syndications and Investment Banking, added, "This large syndicated transaction continues to demonstrate our ability to work with clients to develop creative solutions where HFG is able to underwrite large deals and provide customized solutions to meet their individual needs. On the heels of the other deals that HFG has recently underwritten and placed, this transaction with BioScrip, which is one of the largest healthcare ABL deals done this year, continues to establish HFG as a preeminent healthcare underwriter in the US. The confidence that BioScrip placed in our ability to execute was very gratifying and we look forward to being able to continue to support BioScrip in the future."

About Healthcare Finance Group

HFG is a specialty lender dedicated exclusively to providing debt financing to healthcare companies. HFG strives to custom-tailor its products to meet the specific needs of its clients. HFG is headquartered in New York City and has offices in California, Florida, Texas, New Jersey and Connecticut.
Website: http://www.hfgusa.com

Contact Information

  • James Gelwicks
    Healthcare Finance Group
    Managing Director
    Head of Syndication & Investment Banking
    email: jgelwicks@hfgusa.com
    phone: 212-785-8520

    John Calabro
    Healthcare Finance Group
    Executive Vice President
    National Portfolio Manager
    email: jcalabro@hfgusa.com
    phone: 212-785-8569