Glen Allen, VA - July 7, 2011 - Healthcare Finance Group, LLC (“HFG”) today announced that it has underwritten a $43 million Senior Secured Credit Facility for Bostwick Laboratories, Inc. (“Bostwick”).
Bostwick, based in Glen Allen, Virginia is a privately held company that was founded in 1999 by Dr. David Bostwick, an internationally recognized expert in the field of urology and a former Professor of Pathology and Urology at the Mayo Clinic. Bostwick is a leader in urologic anatomic pathology with strong presence in the gynecology, gastroenterology, and nephrology sectors of the anatomic pathology market. Using advanced technology, the Bostwick delivers comprehensive reports in industry-leading turn-around time to physicians to provide them with the ability to make informed and timely treatment decisions for their patients.
The $43 million Senior Secured Credit Facility is comprised of a $20 million Revolving Line of Credit, a $15 million Senior Secured Term Loan A and an $8 million Senior Secured Term Loan B. The purpose of the financing was to refinance certain components of Bostwick’s existing capital structure, including a revolving line of credit, term loans and an interest rate swap.
Gregory Geisz, Vice President of Finance of Bostwick, commented that “the continued growth of our Company requires a lender that understands our current and future needs for capital, the healthcare regulatory environment and the surrounding issues that accompany the growth we expect. It was great to work with a finance company that truly understands the healthcare industry and looks at our long term overall prospects.”
Regarding the transaction, Senior Vice President Steven Goldsmith of HFG said, “This is a growth-oriented company that is well-positioned for a much anticipated market consolidation and we are excited about our participation in their expansion. Our senior debt facility will assist with their growth and provide additional resources to support their objectives.”
About Healthcare Finance Group, LLC
HFG is a specialty lender dedicated exclusively to serving the healthcare industry and provides companies with capital up to $150 million. HFG offers secured revolving credit and term loan facilities that are custom-tailored to meet the specific needs of our clients. HFG is headquartered in New York City and has offices throughout the country.