GE Capital’s healthcare financial services vertical has provided a $5 million senior secured term loan facility to Tangent Medical, which produces intravenous catheters.
Tangent will use the financing to support commercialisation and development efforts. The company specialises in products that are used in IV therapy.
“We chose GE because they know our industry well and have expertise in financing companies at our stage of development,” Tangent Medical chief executive and chairman Jeff Williams said in a statement. “The GE team quickly understood our unique value drivers, and structured a credit facility that provides flexibility as we commercialize our first product.”
This is the first time GE has worked with Tangent, GE spokesman Ned Reynolds told Private Debt Investor.
Last year, GE’s healthcare financial services business acted as an administrative agent on a $400 million asset-based revolving credit facility and as syndication agent on a $325 million cash flow term loan credit facility for Genesis HealthCare. The financing was used in Genesis’ acquisition of Sun Healthcare Group.
The healthcare finance business has provided roughly $45 billion in financing to healthcare-related businesses over the last 10 years, according to a statement.