By PR Newswire, October 17, 2013, 06:00:00 AM EDT
Facility, provided by EverBank Commercial Finance, provides growth capabilities for current and future clients
PHILADELPHIA, Oct. 17, 2013 /PRNewswire/ -- Gemino Healthcare Finance ("Gemino"), provider of asset-based and term financing solutions for small to mid-size healthcare companies, today announced the closing of a $100 million four-year revolving credit facility with an accordion feature that allows for the expansion of the facility up to an aggregate of $150 million. The new facility, provided by EverBank Commercial Finance, Inc. ("EverBank"), replaces an existing facility and affords Gemino an even greater ability to fund small and mid-size healthcare companies.
"This new credit facility further enhances our financial strength and flexibility by providing more lending capacity for current and future clients," says Gemino Chief Executive Officer and President Tom Schneider. "We appreciate the confidence that EverBank has in our company and look forward to continuing with a strong and stable growth strategy."
Last week, Gemino announced it had been acquired by Solar Senior Capital Ltd. (NASDAQ:SUNS) ("Solar Senior Capital"). Gemino retained its name and will continue to be managed by its existing management team. Gemino's financial products include revolving lines of credit secured by accounts receivable used to support working capital needs, as well as senior secured term loans used primarily to fund acquisitions, debt restructurings and growth.
"EverBank is pleased to provide this credit capacity to Gemino, with its history of strong lending performance, stringent controls, and collection infrastructure. We look forward to supporting the growth of the business in the future," states David D'Antonio, EverBank's Managing Director of Lender Finance.
Pillsbury Winthrop Shaw Pittman LLP acted as legal advisors to Gemino.
Gemino, headquartered in Philadelphia, provides senior loans to healthcare service providers throughout the U.S., with typical financing needs ranging from $2 million to $25 million in the form of revolving lines of credit and term loans. Gemino also has offices in Atlanta and Dallas.
EverBank Commercial Finance, Inc.
EverBank Commercial Finance, Inc. is the commercial lending and leasing subsidiary of EverBank, headquartered in Jacksonville, FL, with $18.4 billion in assets and $13.7 billion in deposits as of July, 30 2013.
SOURCE Gemino Healthcare Finance