Wells Fargo Extends MidCap Financial Credit Facility
MidCap Financial announced that it extended its credit facility led by Wells Fargo Capital Finance, improving its structure, reducing its pricing and extending its maturity date to January 1, 2017. In addition, three new banks were added to the lending group, bringing the total to eleven, and the facility was increased from $600 million to $800 million.
These new commitments, together with MidCap’s existing credit facilities, bring MidCap’s total debt financing commitments to more than $1.645 billion from 24 different credit partners. Including its equity capital commitments, MidCap now has more than $2 billion of financing capacity.
MidCap maintains its middle-market healthcare finance leadership position, having closed more than 300 senior financing transactions since its 2008 inception. In the first nine months of 2013 alone, MidCap has closed 41 transactions totaling almost $1.1 billion in loan commitments.
“We are certainly pleased to close this expanded and improved facility,” said David Moore, MidCap’s CFO. “Wells Fargo Capital Finance has been a bedrock constituent since MidCap’s founding in the fall of 2008. While supporting us with their own balance sheet, they have also helped us attract additional lenders to our bank group as our growth has required it, and this latest syndication is a great example of that. We will utilize these additional commitments, together with those from our other credit partners, to continue addressing the senior credit needs of middle market healthcare companies in our targeted markets.”
Andrea Petro, executive vice president of Wells Fargo Capital Finance and division head of Lender Finance, added, “MidCap plays a key role in providing credit to middle market healthcare companies. The Lender Finance team of Wells Fargo Capital Finance is pleased to have provided them the financial flexibility to continue doing so.”