Daily News: July 23, 2012

GE Capital Agents $60 Million Credit Facility for Diplomat Pharmacy


GE Capital, Healthcare Financial Services announced that it was administrative agent on a $60 million senior secured revolving credit facility for Diplomat Pharmacy, Inc. The proceeds will refinance the company’s existing credit facility and be used for general corporate purposes. GE Capital Markets served as sole lead arranger and sole book runner on the facility.

Founded in 1975 in Flint, MI, Diplomat Specialty Pharmacy focuses on complete medication management programs for patients with serious and chronic conditions. As the country’s largest privately held specialty pharmacy, Diplomat offers patients the highest level of service by creating partnerships with distribution and services industry stakeholders including physicians, patients, group purchasing organizations, hospital systems, retail chains and managed markets.

“GE Capital, Healthcare Financial Services has a strong reputation for industry expertise, competitive terms, and flexible structuring,” said Sean Whelan, chief financial officer of Diplomat Specialty Pharmacy. “We value a lender who understands our sector and works closely with us to deliver an optimal financing solution.”

“Our team’s primary focus is providing customized lending solutions to help healthcare companies grow and meet their business objectives,” said David Varhol, managing director of Corporate Finance at GE Capital, Healthcare Financial Services. “We are proud that this financing will help Diplomat continue to expand as a leader within the specialty pharmacy sector and also bring jobs to the Michigan area.”