For Immediate Release
CapitalSource and AccentCare Announce Closing of $35MM Financing
CapitalSource provides $35 million credit facility for
AccentCare’s
present operations and future expansion needs
Chevy
Chase, MD, and Irvine, CA (August 13, 2009) – CapitalSource, one
of the leading commercial lenders in the United States, and AccentCare,
one of the fastest growing healthcare companies in the United States, today
announced the closing of a loan transaction which refinances AccentCare’s
indebtedness and provides for its ongoing operating needs,
as well as the ability to fund future acquisitions.
CapitalSource’s fully underwritten three-tiered, $35 million credit
facility provides AccentCare with a $25 million revolving
line of credit, a $5 million term loan and a $5 million
acquisition line.
AccentCare is a leading full-service provider of home
healthcare services ranging from non-medical, personal care to skilled
nursing and rehabilitation. Through its network of 58 locations throughout
California, New York, Ohio, Washington and Arizona, AccentCare provides
skilled nursing services, skilled homecare services and unskilled personal
care services.
"
We are extremely pleased to provide AccentCare with financing
to support their business goals," Keith D. Reuben, president of the
Commercial Finance Business, said. "The successful execution of this
transaction in a challenging market underscores our ability and commitment
to meet the financing needs of the healthcare sector as well as our confidence
in AccentCare’s experienced management team."
"
It was a pleasure to work with CapitalSource," Vincent Cook, AccentCare’s
executive vice president and CFO, said. "Their in-depth knowledge
of the healthcare industry and its capital needs, coupled
with their flexibility to structure a deal that met the
unique needs of AccentCare, made them
the right financing partner for this transaction."
About CapitalSource
CapitalSource is a commercial lender that provides
financial products to middle market businesses and offers depository
products and services in southern and central California through its
wholly owned subsidiary CapitalSource Bank. As of June 30, 2009, CapitalSource
had total commercial assets of $10.9 billion and $4.5 billion in deposits.
The Company is headquartered in Chevy Chase, MD. Visit www.capitalsource.com
for more information.
About AccentCare
AccentCare, Inc. is one of the nation’s leaders in home
healthcare. Highly trained, dedicated, professional caregivers
provide comprehensive services that range from personal,
non-medical
care to skilled nursing
and rehabilitation services. Headquartered in Irvine,
California, AccentCare is recognized as one of the
fastest growing companies in the country.
AccentCare has numerous locations in California, Arizona,
New York, Ohio and Washington. For more information
please visit www.accentcare.com.
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