White Oak Healthcare Finance Closes $25 Million Financing For Aspen Skilled Healthcare
NEW YORK--(BUSINESS WIRE)--White Oak Healthcare Finance, LLC (“White Oak”), today announced that it acted as sole lender and administrative agent on the funding of a $25 million asset-based senior credit facility for Aspen Skilled Healthcare, Inc. (“Aspen”). The funds will primarily be used to finance ongoing working capital. Aspen’s independent affiliates operate skilled nursing facilities (“SNF”) primarily located in the Los Angeles and San Francisco metro areas.
“Aspen’s network of independent operating affiliates has consistently performed well and grown even during periods of significant uncertainty,” said Ross Eldridge, EVP and Chief Originations Officer at White Oak. “We continue to seek out partnerships with best-in-class operators like Aspen.”
“White Oak provided a flexible solution for the capital needs of Aspen’s independent operating affiliates and offered certainty of execution,” said Marcus Paxman, Chief Financial Officer at Aspen. “Their experience within the SNF industry is very deep and we are excited to have a partner for growth beside us.”
About Aspen Skilled Healthcare
Aspen Skilled Healthcare, Inc. is headquartered in Laguna Niguel, CA, and operates 23 skilled nursing and rehabilitative care facilities. Aspen’s network of independent operating affiliates has developed a strong reputation for clinical and operational quality since 2009.
About White Oak Healthcare Finance
White Oak Healthcare Finance, LLC, an affiliate of White Oak Global Advisors, LLC, is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical devices, healthcare technology, healthcare real estate, hospitals and SNF. The firm has deep domain expertise within the healthcare sector which enables it to provide flexible and creative solutions with certainty of execution. White Oak offers a differentiated product set including cash flow term loans, asset based loans and ABL Stretch facilities, unitranche facilities, last out financings, real estate financings, equipment financings and opportunistic investments. As a lender with significant capital availability, White Oak generally holds its full loan positions to maturity.
About White Oak Global Advisors
White Oak Global Advisors, LLC ("WOGA") is a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium-sized enterprises. Together with its financing affiliates, WOGA provides over twenty lending products to the market, including term, asset-based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA has deployed over $8 billion across its product lines, utilizing a disciplined investment process that focuses on delivering attractive risk-adjusted investment returns to investors while establishing long term partnerships with its borrowers. More information can be found at www.whiteoaksf.com.