GE arranges $19m in credit lines for pharmaceuticals firm

 The financing for Rapid Micro Biosystems consists of a revolving credit facility and two term loans.  

GE Capital’s healthcare unit has agented senior secured credit facilities of up to $19 million for Massachusetts-based Rapid Micro Biosystems. The financing consists of a revolving credit facility and two term loan facilities, GE announced today (15 December). It will provide working capital as the company ramps up the marketing of its products.

The company specialises in products for faster detection of microbial contamination in the manufacture of pharmaceutical, biotechnology and personal care products.

“We value GE Capital’s deep expertise in healthcare and thorough understanding of the process for bringing sophisticated life sciences products to market,” Robert Spignesi, chief executive of Rapid Micro Biosystems, said in a statement. “We are pleased to have a knowledgeable and reliable financial partner funding our day-to-day capital needs during this critical period in our development.”

“Our life sciences team specializes in capital-efficient structures for promising venture capital-backed companies as they begin to commercialize their products,” said Brett Haring, senior managing director of GE Capital, Healthcare Financial Services and Life Science Finance business.

GE Capital’s Healthcare Financial Services unit deployed about $9 billion in new commitments to customers via 200 transactions in 2013.

Customers across 45 healthcare sectors — including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices —rely on HFS to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives.