GE healthcare unit continues lending

GE Capital’s Healthcare Financial Services business has arranged a $175 million senior credit facility for a physiotherapy company.

GE Capital’s Healthcare Financial Services (HFS) business has arranged a $175 million senior secured credit facility for Physiotherapy Corporation, a rehabilitation services provider. The money will be used to refinance the company’s existing debt, GE Capital said in a statement today (16 June). The GE healthcare unit acted as the administrative agent in the transaction, while GE Capital Markets served as the joint lead arranger and co-book runner on the facilities.

The GE unit is in the process of being sold, along with most of GE Capital. General Electric began talking to potential buyers for the unit, which is valued at $10 billion to $11 billion earlier this month, according to The Wall Street Journal.  

Physiotherapy is headquartered in Exton, Pennsylvania. The company has 569 outpatient rehabilitation clinics and 25 orthotic and prosthetic clinics across 29 states in the US, as well as Washington, DC.

“One of the wonderful benefits of significantly lowering our borrowing costs is that we can invest even more in the great work already being done by our dedicated practitioners,” Paul Solomon, Physiotherapy’s chief financial officer, said in a statement.

GE Capital’s HFS provided $10.5 billion in financing across 240 transactions in 2014. HFS was the top lead arranger three years in a row for financings of up to $1 billion in US healthcare leveraged finance, according to Thompson Reuters LPC Loan Connector.