BizCap, a commercial finance advisory firm established in 2002, assisted Performant Financial, primarily operating under subsidiary Performant Healthcare Solutions, in securing a $25 million credit facility.
Performant, a provider of technology-enabled payment integrity, eligibility and related analytics services, completed the refinancing of its existing credit facility with a new credit facility from Wells Fargo. The company may also increase commitments under the new credit facility by an additional $10 million, subject to obtaining commitments from lenders and subject to certain other conditions. This move is set to fortify Performant’s financial foundation and further support its ongoing operations and growth initiatives.
“Collaborating with BizCap has proven to be an outstanding experience for Performant. Their expertise in debt capital markets and structures was exemplary, effectively functioning as an extension of our internal team to optimize outcomes,” Rohit Ramchandani, CFO of Performant, said. “The new credit agreement with Wells Fargo represents a significant element of Performant’s financial strategy in support of our ongoing growth initiatives.”
“Working with the Performant team during this critical phase in the company’s growth has been a pleasure. We’re delighted with the results of the BizCap process, which improved pricing and availability terms for our client, even in today’s challenging financing environment,” Cooper Brown, associate at BizCap, said. “We look forward to the future as Simeon, Rohit and the Performant team continue to execute their long-term growth strategy in healthcare payments integrity.”
